Toronto’s Flipp announced today that General Atlantic has made a $61 million strategic growth investment in the company.
General Atlantic joins Insight Venture Partners as a minority shareholder in Flipp to fuel the further expansion of the company. Zachary Kaplan, Vice President at General Atlantic, will join Flipp’s board of directors.
Flipp’s mobile marketplace gives shoppers access to the most digital circular content, helping them plan their shopping trips and find the best local deals. Through the Flipp mobile marketplace, retailers’ digital circular content reaches more than 50 million consumers every week who read over a billion flyers on an annual basis.
In addition, the Flipp app is a destination for millions of consumers to access digital circulars from more than 800 retailers, representing over 140,000 store fronts, and enables shoppers to save 20 to 40 percent on their weekly shopping trips.
“Flipp is helping retailers transform their marketing strategy. It’s exciting to see how our technology is enabling retailers to achieve incremental store trips, increased consumer engagement, and a higher ROI with reduced costs,” said Wehuns Tan, CEO and co-founder, Flipp Corporation.
“General Atlantic’s expertise in global expansion and significant capital base will enable us to grow our footprint, extend our partnerships, and further accelerate how we deliver innovation into the hands of consumers around the world.”
Flipp’s innovative and patented technology enables some of the largest retailers in the world, including Walmart, Macy’s, Dollar General, and Lowe’s to transform print circulars into a digital, personalized experience.
Headquartered in Toronto, Flipp has more than 250 team members worldwide and is hiring agressively.