TLDR:
- Backflip, a Dallas-based startup, raised a $15 million series A round led by FirstMark Capital.
- The company has developed an “end-to-end platform” for residential investing, focusing on finding, analyzing properties, and securing financing.
In a recent funding round, Backflip, a Dallas-based company specializing in technology for single-family home investors, secured $15 million in a series A round led by FirstMark Capital, with contributions from other investors including Vertical Venture Partners, LiveOak Venture Partners, and more. The company, also known legally as RPE Home Inc., has achieved a net revenue run rate of $10 million and is approaching profitability, marking a significant milestone for the venture-backed startup.
FirstMark Capital’s participation in the funding gives Backflip access to the support of a firm that has previously invested in successful companies like Airbnb, Shopify, and Pinterest. Backflip’s platform offers tools for identifying and analyzing properties, as well as obtaining financing, catering to entrepreneurs in the residential investing space. The company sees an average of $5 billion worth of properties analyzed on its platform monthly, with over 900 home purchases funded through the software.
Backflip’s CEO, Josh Ernst, emphasizes that the company goes beyond merely flipping houses, aiming to redefine the concept of real estate entrepreneurship. Their mission is to democratize access to funding and tools for individuals looking to participate in the real estate market. In previous funding rounds, Backflip raised $8 million in equity seed funding and $27 million in debt financing in 2022.
Dallas-Fort Worth’s venture capital funding experienced a drop in the first quarter of the year, marking the lowest level in over a decade. Despite this overall trend, investments in companies like CheckSammy, PureNodal, and SquareDash in the region highlight continued interest and support in the tech and real estate sectors.
