Company Market Research Report: Backflip

Company Overview

• Name: Backflip

• Mission: To empower entrepreneurs to revitalize homes, so people can love where they live.

• Founded: Late 2020

• Founders: Josh Ernst and Jake Rome

• Key People: Josh Ernst (CEO and Co-founder), Jake Rome (Co-founder)

• Headquarters: Dallas and Denver

• Number of Employees: 47 employees

• Revenue: Achieved an annualized revenue of $10 million in 2023

• Company Recognition: Known for providing faster, easier, reliable fix and flip loans for residential real estate investors, utilizing a unique platform combining real estate expertise with technology.

Products

• Product Offering:

• Fix and Flip Loans: Short-term loans for property investors.

• Platform Technology: Assists in sourcing, tracking, evaluating potential real estate investments.

• Description:

• The company's primary service involves lending processes to support real estate investors. It originated loans through a subsidiary, Double Backflip, LLC.

• Offers a tech platform akin to a combination of Zillow and Shopify for property investment analysis and tracking.

• Key Features:

• Technology to underwrite properties, assets, and business plans.

• Assistance with property sourcing, deal analysis, and investment pipeline curation.

• Provides construction loans bundled with property purchase loans.

Recent Developments

• Recent Funding:

• Raised $15 million in a Series A funding round led by FirstMark Capital in April 2024.

• In total, Backflip has raised $28 million in equity and $67 million in debt financing.

• Product Development:

• Announced expansion to 41 new U.S. markets and acquired an Austin startup, Refinably.

• Plans to launch new services to streamline the work environment for real estate investors.

• Market Expansion:

• Significant membership growth, with members analyzing over $5 billion in property investments per month since May 2023.

• Backflip is targeting more small entrepreneurs and expanding its market reach across Texas and Colorado.

• Operational Growth:

• Has experienced 300% increase in headcount despite tech market challenges.

• Grown its revenue nearly 5 times year-over-year and is moving towards profitability.

Partnerships and Collaborations

• Strategic Investors:

• FirstMark Capital, Vertical Venture Partners, LiveOak Venture Partners, Revel Partners, ECMC, and real estate company Crow Holdings, among other angel investors.

• Acquisitions:

• Acquired Refinably to enhance workflow management and expand technological capabilities.

Future Outlook

Backflip is positioning itself as a significant player in the fintech and real estate tech industry, with a particular focus on enabling small-scale real estate investors. The company's strategic market expansion and innovative product offerings are geared towards capturing a larger share of the real estate investment market and pioneering new standards in tech-enabled real estate transactions.