Dallas real estate fintech Backflip raises $15 million in Series A round » Dallas Innovation

COO Jake Rome (left) and CEO Josh Ernst are co-founders of Backflip. [Photo: Backflip]

Backflip, a Dallas-based all-in-one real estate and financial technology platform for real estate entrepreneurs, is a $15 million series led by FirstMark Capital, an early investor in the category-defining platforms Airbnb, Shopify, and Pinterest. A We have announced funding.

“A backflip is more than just flipping a house. It's about flipping the scenario of why, how, and what it means to be a real estate entrepreneur,” said Josh Ernst, CEO of Backflip, in a statement. mentioned in. “More than 400,000 homes are rebuilt in the United States each year, and that number continues to grow. Our mission is to help everyone access the funding and tools they need to participate. We are bringing information, support and capital products designed for entrepreneurs into the hands of more people in industries where there have traditionally been too many barriers to successfully starting and scaling a business. In doing so, we are empowering our members to revitalize their communities one modernized home at a time.”

Image: Backflip

Also included are previous investors Vertical Venture Partners, LiveOak Venture Partners, Revel Partners, ECMC, real estate firm Crow Holdings, and angels Greg Waldorf, Rob Barber, and Gregg Freishtat, CEOs and former directors of Zillow, Attom Data, and GreenSky, respectively. Backflip said he participated in the round.

The round comes after Backflip announced it had a net revenue run rate of over $10 million and was “nearly approaching profitability.”

Backflip, founded in 2020, says its revenue run rate grew five times year-on-year in 2023 despite housing market headwinds, with members selling an average of $5 billion in properties each month on the platform. is being analyzed.

Backflip platform features

Backflip said it is driving “the future of real estate entrepreneurship” through an end-to-end platform serving a like-minded community. Backflip said its purpose-built technology and capital solutions enable members to efficiently manage their investment pipeline, secure capital and grow their real estate investment businesses.

Backflip enables private entrepreneurs to stimulate the housing market through the acquisition and renovation of single-family homes, and said it has financed more than 900 homes to date. The company says its members realize an average gross profit of $82,000 per property on the platform and typically pay off their loans in six months.

The company said its approach and underwriting process are designed to achieve investment-grade credit ratings and have led to a track record of “exceptional loan performance.”

Backflip's platform provides what the company calls a “seamless experience” through mobile and desktop apps, allowing members to access relevant real-time data to make informed decisions on the go or from their desks. Masu. Dubbed the “analyst in your pocket,” her Backflip app not only helps members secure funding for their projects through Backflip, but also helps members source, track, aggregate, and evaluate potential investments.

“We are excited to lead Backflip's Series A and continue our work building a financial operating system for an essential but overlooked part of the real estate value chain,” Firstmark Managing Director Adam Nelson said in a statement. I'm excited.'' “The Backflip team combines deep product empathy, technology, and capital formation to build a 10x better product for our members.”

Launch of “MyLeads” function in 2023

Last August, Backflip launched My Leads, an AI-enabled real estate sourcing feature that leverages artificial intelligence to act as a transaction analysis assistant. The move comes a month after the company announced it had expanded into 41 new markets in the United States.