FlipSpaces Raises $2 Mn In Pre-Series B Round
The company plans to utilize the funds to drive the US vertical growth wherein it has seen twenty-five-time growth in a year and expand on its newly launched SaaS vertical
Mumbai-based interior design tech startup FlipSpaces on Tuesday announced to have raised a pre-Series B round of $2 million from a consortium led by Prashasta Seth, ex-chief executive officer, IIFL AMC. The round saw participation from family groups and HNIs.
The startup is also backed by Carpediem Capital, a growth-stage PE fund for mid-sized ventures.
"We believe FlipSpaces is at the cusp of becoming a market-defining venture. On one hand, leveraged by our tech-suite for Interior design, our US vertical has grown twenty-five-time in the last four quarters and is now profitable at the EBITDA level. On the other hand, the first third-party Software-as-a-Service (SaaS) product from the FlipSpaces stable meant for furniture and furnishing brands, retailers and small and medium businesses (SMBs) has seen a fantastic initial response. The leverage through Design and Build model, combined with our vision of having our technology suite serve each and every stakeholder in this industry globally, is what makes FlipSpaces an extremely unique business. We have inherently been a profitable business because of strong unit economics and thus have a long runway with this funding. However, we continue to engage with like-minded investors who believe in our vision and look to partner with us for outsized impact in the long term,” said Kunal Sharma, founder, and chief executive officer, FlipSpaces.
Founded in July 2015 by IIT Bombay alum, the company leverages its technology suite to deliver highly differentiated interior design and build projects for commercial spaces.
“We have been impressed by the capital efficiency of the team, their vision for technology to drive transformation in all aspects of the Design and Build domain, and the strong and diverse founding team. These factors have been key to our decision of investing in the business”, commented Prashasta Seth, ex-chief executive officer, IIFL AMC.
FlipSpaces has recently launched a business-to-business (B2B) SaaS vertical called Vizstore which allows furniture and furnishing brands and retailers to virtualize their showroom experience thereby heavily cutting costs of real estate for visual merchandising of products.
"We have kept furthering our differentiation through tech-enablement in every vertical of business while keeping a sharp focus on profitability which has helped us tide through difficult times of COVID infused shut-down. In many ways, we are a stronger and more diversified business now," noted Vikash Anand, co-founder and head of business development, FlipSpaces.
The tech-enabled design and build venture provides full-stack discovery, design, and build of commercial spaces that are intuitive, empathetic, and safe by taking hygiene, social distancing, and touch-less technology into account because of the onset of the COVID-19 pandemic, the company said.
“We will continue to work on the technology differentiation in the design and build domain and churn out products which can later become the third party as SaaS or platform-as-a-Service (PaaS). In this journey the full-stack design and build vertical acts as a cash-flow and knowledge engine. This allows us to create the right product and subsequently use it in-house first, thus facilitating faster product-market fit while remaining capital efficient,” added Prafful Sahu, head of products, and engineering, FlipSpaces.
FlipSpaces has several startups like Bharatpe, Nobroker, Openmoney, Indwealth, Gaana, and Addverb amongst many others as a part of their design and build clientele.