Cash plus connections spur Flip’s $6.5M capital infusion
3 rounds of non-dilutive capital powered Flip's impressive growth and a successful seed funding raise from ScOp Venture Capital, Bullpen Capital, and a group of angel investors.
Use of funds:
Invest in product development
Expand into new verticals
Make strategic new hires
Lighter Capital Funding
10X increase in ARR
3X increase in customers
Raised $6.5M in seed funding
Growth & Achievements
RBF fuels growth to successful VC raise
Headquartered in New York, Flip (formerly RedRoute), Inc. is a Voice AI industry leader building the ‘Alexa for customer service’ that for the first time makes it possible for brands to affordably deliver great support over the phone. The voice assistant answers all calls and provides quick resolution of simple requests, forwarding the more complex to readily available, no longer ‘under-water’, human agents.
In two short years, Flip was able to leverage $1.1 M in non-dilutive revenue-based financing (RBF) from Lighter Capital to invest in product development, expand across industries, and hire new people without giving up equity or control. The company saw 3X increase in e-commerce customer growth and 10X increase in revenue.
During this pivotal time of growth, it was imperative for Brian Schiff, Co-founder and CEO, to focus on the product versus pitch decks and investor meetings.
When Schiff was ready to move to the next level of funding, Lighter Capital guided them through the process by making valuable introductions and giving advice for a successful VC raise of $6.5 M in seed funding led by ScOp Venture Capital, Bullpen Capital and a group of angel investors.
A successful pandemic pivot
Schiff, Sam Krut and Jacob Cooper founded the company in 2015 as a ride-sharing app as undergrads in Cornell University’s eLab Incubator Program. After spreading it to 4-5 college towns, the team saw a bigger opportunity, and had fully pivoted by early 2018. Initial customers of the Flip we now know today were transportation companies. But, coinciding with COVID-19, Flip has expanded into e-commerce with brands like UNTUCKit and Brooklinen.
Flip’s fast implementation allows retailers to reduce up to 40% of call volume with their AI technology on day one. It’s a perfect solution for e-commerce retailers who need to provide exceptional customer service in order to win in the modern marketplace.
Automation has promised to radically transform customer experience (CX) for years, but always been limited to the biggest companies. With the industry’s first SaaS solution, Flip makes it possible for companies of all sizes to optimize CX for less: implement in just minutes, for free and without IT, and improve core KPIs by 50% on day 1.
How does Flip work?
Flip is a voice assistant that acts as one of your call center agents to answer and resolve customer requests. It integrates with your phone system and customer management system to make the customer’s updates. If Flip can’t assist, the call is seamlessly escalated to your call center agents.
With a straightforward implementation process, customers go from decision to impact in minutes. Key contact center metrics like hold time, missed calls, cost/contact and more can see up to 500% improvement, which not only enhances CX but also saves businesses a lot of money.