AppLovin invests $50 million into Flip’s $144 million Series C funding round
AppLovin Corporation (NASDAQ: APP) (“AppLovin”), a leading marketing platform, and Flip, a fast growing social commerce platform, today announced Flip will soon be relaunching its marketing platform for brands utilizing AppLovin’s AXON technology. Additionally, Flip announced it is raising $144 million in a Series C funding round, including a $50 million investment by AppLovin.
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AppLovin’s AXON technology was launched in early 2023, and helped its advertisers achieve substantially more scale at higher performance across AppLovin’s network. With this partnership, AppLovin is making its AXON technology available to others. Flip brands will leverage 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. In addition, 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.
“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,” said Adam Foroughi, Co-founder and CEO of AppLovin. “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.”
Flip’s 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.
“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,” said Noor Agha, CEO of Flip. “We are thrilled to have continued support from our investors and to add AppLovin to the mix.”
For more information on AppLovin, visit www.applovin.com.
For more information on Flip, visit www.flip.shop.
About AppLovin
AppLovin makes technologies that help businesses of every size connect to their ideal customers. The company provides end-to-end software and AI solutions for businesses to reach, monetize and grow their global audiences. For more information about AppLovin, visit: www.applovin.com.
About Flip
Flip is building the next-generation shopping social network for people to shop through other people. With a growing community of shoppers sharing video reviews of products they've purchased on the platform, buyers can discover products through 60 second videos of user-generated content that is instantly shoppable with a one-click checkout and same day shipping. Every shopper can then become a creator by sharing their own reviews and monetizing their content. To learn more, visit www.flip.shop or download the Flip app on iOS or Android.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release include, but are not limited to, statements regarding the Flip’s future use of AppLovin technology and expected performance of such technology for Flip, AppLovin customers’ ability to achieve greater sales and better returns on such sales and the success of the AppLovin-Flip partnership generally. These forward-looking statements are subject to risks and uncertainties, including risks and uncertainties associated with a transaction between two third parties to the Company, as well as the risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.
Source: AppLovin Corp.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240402160250/en/
Contacts
Press
Kim Hughes
press@applovin.com
