Flipspaces raises $2 million in pre-series-B round
BENGALURU: Interior-design tech startup Flipspaces on Tuesday said it has raised a pre-series-B round of $2 million from a consortium led by Prashasta Seth, former chief executive of IIFL AMC. Family groups and high net worth individuals also participated in the funding round.
Founded in July 2015, the company leverages its technology to deliver interior design and build projects for commercial spaces. It is backed by private equity fund Carpediem Capital.
"We believe Flipspaces is at the cusp of becoming a market-defining venture. On one hand, leveraged by our tech-suite for Interior design, our US vertical has grown 25X in the last 4 quarters and is now profitable at the EBITDA level. One the other hand, the first 3rd party SAAS product from the Flipspaces stable meant for furniture and furnishing brands, retailers and SMBs has seen fantastic initial response. We are getting close to our vision of building a domain which is a $1 trillion plus market globally," said Kunal Sharma - Founder and CEO of Flipspaces.
“We have been impressed by the capital efficiency of the team, their vision for technology to drive transformation in all aspects of the Design and Build domain, and the strong and diverse founding team. These factors have been key to our decision of investing in the business," said Prashasta Seth, the representative of the consortium which has currently invested.
Flipspaces recently launched a B2B SAAS vertical called Vizstore which allows furniture and furnishing brands and retailers to virtualize their showroom experience.
"We have kept furthering our differentiation through tech-enablement in every vertical of business while keeping a sharp focus on profitability which has helped us tide through difficult times of covid infused shut-down. In many ways, we are a stronger and more diversified business now", Vikash Anand, co-founder and head of business development.