Backflip Raises $35M in Funding
Backflip, a Dallas, TX-based real estate and fintech startup improving how entrepreneurs invest in residential properties, raised 35m in total funding.
- An $8m in equity seed funding co-led by Vertical Venture Partners (VVP) and LiveOak Venture Partners (LiveOak) with participation from Revel Partners, Great Oaks VC, and Greg Waldorf, former founding investor and Board Member at Trulia and Zillow; and
- $27m of dedicated debt funding.
The company intends to use the funds to expand product development team and accelerate its 2022 public launch in Texas and Colorado.
Krishna Srinivasan, LiveOak’s founding partner, is joining Backflip’s board of directors along with Brad Corona, Managing Director at VVP.
Led by Jake Rome, COO, and Josh Ernst, CEO, Backflip is a real estate financial technology company that supports individual entrepreneurs in acquiring and renovating single family homes. The company offers purpose-built technology and capital products used by its members to source, analyze and finance residential real estate investments. The app includes property insights, data, education, and community, paired with innovative capital solutions.
Since launching a private beta in 2021, members have used the app to analyze approximately $2 billion of investment properties. Additionally, Backflip Capital has funded tens of millions of loans for its members to acquire and renovate homes.
The company is initially operating in Dallas and Denver but it has a distributed workplace model and has employees spanning from New York to Napa, CA.