[Funding alert] Interior design startup Flipspaces raises $2M in pre-Series B round
Interior design tech startup,on Tuesday announced that it has raised $2 million in a pre-Series B round 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.
According to the company statement, Flipspaces plans to utilise the funds to drive the growth of the US vertical, which has seen 25X growth in a year, and expand its newly launched SaaS vertical.
Speaking about the fundraise, Kunal Sharma, Founder and CEO of Flipspaces, said, "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 four quarters and is now profitable at the EBITDA level. One the other hand, the first third-party SaaS product from the Flipspaces stable meant for furniture and furnishing brands, retailers and SMBs has seen fantastic initial response. "
Mumbai-based Flipspaces was founded in July 2015 by IIT alumni Kunal and Ankur Mucchal. 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 merchandising of products.
“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, representative of the investing consortium.