TORONTO and NEW YORK, April 14, 2016 /CNW/ -- Flipp Corporation, a mobile consumer marketplace, and General Atlantic, a leading global growth equity firm, 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 is reinventing everyday shopping by bringing retailers and consumers together in a new way that 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. Flipp helps its retail partners reach millions of consumers each week through multiple channels including the award-winning Flipp mobile app as well as an extensive distribution platform that is integrated throughout major media parties such as Google, MSN, Microsoft, and the Chicago Tribune. The entire Flipp platform is bolstered by robust analytics, which provide retailers with real-time metrics on sales and consumer engagement from both in-store and online channels which give retailers valuable consumer insights.
"As newspaper consumption continues to erode, we believe Flipp is uniquely positioned to disrupt one of the last remaining vestiges of the print advertising world, the weekly sales circular, by providing innovative digital content management technology to retailers," said Zachary Kaplan, Vice President of General Atlantic's Internet & Technology sector. He continued, "There is a significant opportunity in this market for Flipp to deepen its partnerships, broaden its consumer base, and expand its offerings globally. We look forward to working with Wehuns and his team as they continue to accelerate growth."
"We've been gratified to work with the leadership of Flipp to help them achieve substantial growth over the past two and half years, said Jeff Horing, Managing Director at Insight Venture Partners. "As Flipp's innovative technology continues to shape the way that retailers interact with their consumers, we believe its next phase of growth, now joined by our new partner General Atlantic, will be even more exciting."
Headquartered in Toronto, Flipp has more than 250 team members worldwide. The company has received several industry accolades including Deloitte's 50 Best Managed Companies (2015), Best Workplaces in Canada (2014 and 2015), Canada's Most Admired CEO (2015), and Canada's 10 Most Admired Corporate Cultures (2014). Apple recently recognized Flipp with Best of 2015 in the App Store.
About Flipp Corporation
Flipp Corporation is a leading mobile consumer marketplace that is reinventing the weekly shopping experience. The Flipp app is a go-to destination for millions of consumers to access digital circulars from over 800 retailers, equaling over 140,000 store fronts to help plan weekly shopping and find the best local deals. Flipp (formerly Wishabi) was founded in 2007 with offices in Toronto and New York. For more information, visit http://corp.flipp.com
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector-specific expertise, long-term investment horizon, and a deep understanding of growth drivers to partner with great management and build exceptional businesses worldwide. General Atlantic has more than 100 investment professionals based in New York, Greenwich, Palo Alto, Sao Paulo, London, Mexico City, Munich, Amsterdam, Beijing, Hong Kong, Mumbai, and Singapore. www.generalatlantic.com
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $13 billion and invested in more than 250 companies worldwide. Our mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit http://www.insightpartners.com or follow us on Twitter: @insightpartners.
MWW for Insight Venture Partners
SOURCE General Atlantic