Flip, a rapidly growing social commerce platform, announced the company will soon be relaunching its marketing platform for brands utilizing AppLovin’s AXON technology. And Flip announced it is raising $144 million in a Series C funding round, including a $50 million investment by AppLovin. This funding round was led by Streamlined Ventures with participation from previous investors Mubadala Capital and WestCap, and AppLovin as a new investor, bringing the company’s pre-money valuation to $1.05 billion.
AppLovin’s AXON technology was launched early last year and helped its advertisers achieve substantially more scale at higher performance across AppLovin’s network. With this partnership, AppLovin also makes its AXON technology available to others. Flip brands will utilize the AI advertising engine via AXON Connect, and will be able to reach more customers in measurable ways, with higher returns on the Flip platform. Plus, the partnership will enable Flip to extend its audience network to AppLovin’s 1.4 billion daily active users (DAUs) on behalf of all the brands on Flip.
KEY QUOTES:
“We have seen the significant impact AXON makes on campaign performance as brands see stronger return on investment. With AXON powering Flip’s ads, the Flip consumer will find more products to purchase. Likewise, brands on Flip will be positioned to drive significantly more sales. Noor, an incredibly talented founder, has led Flip through the hard part of finding a product market fit. Now that market fit has been clearly established, we believe this partnership will catalyze an exciting phase of growth for Flip and their brands.”
– Adam Foroughi, Co-founder and CEO of AppLovin
“With the recent launch of our MagicOS ads manager, and now the upcoming launch of our advertising powered by AXON, we are confident we can help tens of thousands of brands find the right customer profitably. We are thrilled to have continued support from our investors and to add AppLovin to the mix.”
– Noor Agha, CEO of Flip
