backward somersault The company has raised $15 million in a Series A funding round to grow its platform for real estate investors.
Company’s real estate fintech platform and designed Backflip will provide funding and tools to entrepreneurs who rebuild a total of 400,000 homes a year in the United States, the company said in a press release on Monday (April 29).
“We are bringing information, support and capital products designed for entrepreneurs to more people in an industry where there have traditionally been too many barriers to successfully starting and scaling a business. ” said Backflip CEO. Josh Ernst said in a release.
Backflip’s technology and capital solutions help members manage their investment pipeline, secure funding, and grow their real estate businessesaccording to the release. The company provides real-time data through mobile and desktop apps to help members source, track, aggregate, and evaluate potential investments and secure funding for their projects.
This funding round comes after the company had a net revenue run rate of over $10 million and was nearing profitability.stated in the release. Backflip has financed more than 900 homes to date, with members realizing an average gross profit of $82,000 per home and typically paying off their loans in six months.
Backflip’s latest funding round was led by Firstmark Capitalaccording to the release.
The emergence of digital tools and platforms process of buying a house, PYMNTS reported on April 5. At the heart of this digital transformation is an all-in-one platform that streamlines the homebuying experience. These apps use advanced technologies such as artificial intelligence, augmented reality, and data analytics to provide users with personalized recommendations. virtual tour and financial planning assistance.
In another expansion of the universe, built It was announced in March that construction had expanded. real estate A financial platform that meets the needs of real estate owners and developers. The platform helps these professionals manage budgets, streamline billing and compliance, move funds, and make decisions.
Budgets are now integrated into the platform management; compliance and debt Workflow; And a drawing request. It also has vendor management and built-in payment features to help you complete development deals on time and on budget.
