Interior-design tech startup, Flipspaces has raised a pre-series-B round of $ 2 Million from a consortium led by Prashasta Seth, Ex-CEO, IIFL AMC. The round saw participation from family groups and HNIs. Flipspaces is also backed by Carpediem Capital, a growth-stage PE fund for mid-sized ventures.
Speaking about the fundraise, Kunal Sharma – Founder and CEO of Flipspaces said, “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 becoming the Zoho for Interior Design and Build domain which is a $ 1 trillion plus market globally.”
“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”, says Prashasta Seth, the representative of the consortium which has currently invested.
Founded in July 2015 by IIT Bombay alum, the company leverages it’s technology suite to deliver highly differentiated interior design and build projects for commercial spaces. Flipspaces has also recently launched a B2B SAAS vertical called Vizstore which allows Furniture and Furnishing brands and retailers to virtualise their showroom experience thereby heavily cutting costs of real estate for visual merchandizing of products.
“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.
“We will continue to work on the technology differentiation in the design and build domain and churn out products which can later become third party as SAAS or PAAS. In this journey the full stack design and build vertical acts as a cash-flow and knowledge engine. This allows us to create the right product and subsequently use it in-house first, thus facilitating faster product market fit while remaining capital efficient”, says Prafful Sahu, Head of Products.
The leverage through Design and Build model, combined with our vision of having our technology suite serve each and every stakeholder in this industry globally, is what makes Flipspaces an extremely unique business. We have inherently been a profitable business because of strong unit economics and thus have a long runway with this funding. However, we continue to engage with like-minded investors who believe in our vision and look to partner with us for outsized impact in the long term”, says Kunal as he signs off.
The onset of the COVID-19 pandemic has changed the way we live and work making employees feel anxious about returning to their offices. Considering the health and safety of the employees, the tech-enabled design and build venture provides full stack discovery, design and build of commercial spaces that are intuitive, empathetic and safe by taking hygiene, social distancing and touch-less technology into account. Flipspaces has several marquee startups like Bharatpe, Nobroker, Openmoney, Indwealth, Gaana and Addverb amongst many others as a part of their design and build clientele.
Categories: Venture Capital