Dallas ‘Fix-and-Flip’ Investor Platform Backflip Has Expanded to 41 U.S. Markets

Backflip said that first-time and experienced residential real estate investors "from Alaska to Hawaii" can now leverage its data, technology, and capital to make better real estate investment decisions and fund the rejuvenation of the nation's 65 million aging homes. The startup also announced a recent C-suite hire and an Austin startup acquisition.

Backflip, a Dallas-based real estate fintech for fix-and-flip investors, has expanded to 41 new U.S. markets, the company announced.

“We’ve experienced tremendous growth since launching in Texas in 2021,” co-founder and CEO Josh Ernst said in a statement. “We’re thrilled to expand our real estate technology and financial services nearly nationwide, so every real estate entrepreneur has access to what they need to up-level their business operations and contribute to a healthier housing market.”

Backflip said that both first-time and experienced residential real estate investors “from Alaska to Hawaii” can now can leverage its data, technology, and capital to make better real estate investment decisions and fund the rejuvenation of the nation’s 65 million aging homes.

The company said it has experienced notable business, product, and team growth, and completed its first acquisition as a seed-stage startup—including growing its staff by 300% in the last year, against a real estate market backdrop that has declined by 50% as a result of FED interest rate hikes in 2022.

Aiming to solve the housing shortage

Image: dobackflip.com and AlenaMozhjer/iStock

Backflip said it is on a mission to solve America’s housing shortage and affordability challenges by offering everything a real estate investor needs to successfully purchase and restore a home. The company said it is helping to increase the number of updated, affordable homes available nationwide, revitalizing neighborhoods.

Membership continues to grow by more than 15% month-over-month, the company said, adding that as of May, its members are analyzing over $2 billion worth of single-family residential investments per month using the Backflip app.

Backflip said that momentum has enabled it to spearhead an ambitious product roadmap that includes launching a computer vision and machine learning feature for members to instantly analyze a property by holding up their phone camera; innovative capital products like Buy Now Pay Later, flexible mezzanine loans, and capitalized interest structures.

The company is also launching new and unique features such as “My Leads” to more-easily assess properties that will be available to members later this year.

C-suite addition

The company said it has been able to attract top talent recently.

Leslie Jordan has joined Backflip as its first chief product officer. As a former chief product officer at Realtor.com, Jordan brings over 20 years of product leadership and industry-specific subject-matter expertise to Backflip.

Backflip said that Jordan is responsible for the product, engineering, and design teams’ strategy and execution, and will contribute across all of Backflip’s user experience teams.

“Backflip is filling a major void in the real estate technology market. Today, commercial real estate investors have a library of technology and tools at their disposal to be able to work efficiently,” Jordan said in a statement. “Whether it’s a side hustle or a full-time gig, residential real estate entrepreneurs deserve access to a technology platform that enables them to scale their real estate business to new heights.”

Acquired Austin startup

In other news, Backflip said it has acquired Refinably, an Austin-based startup that empowered companies and their employees to work more efficiently across tools and eliminate workflow issues.

“In a time during mass layoffs in tech, we have been fortunate to increase our headcount by 300% over the past year with exceptionally talented and culturally aligned hires,” Ernst said. “The addition of Leslie, and the Refinably co-founders Drew and Austin, to our high-performance team is huge for us. Their unique perspective and expertise is invaluable as we enter a new phase of growth.”

Backflip landed a $35 million funding package in May 2022

In May 2022, Backflip announced it had raised a $35 million funding package. It included an $8 million equity seed round co-led by Vertical Venture Partners and LiveOak Venture Partners with participation from Revel Partners, Great Oaks VC, and Greg Waldorf, former founding investor and Board Member at Trulia and Zillow. Additionally, the company said that it had secured $27 million of dedicated debt funding.

At the time, Backflip said the funds would be used to expand its product development team and accelerate its 2022 public launch in Texas and Colorado.

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R E A D   N E X T

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