At end-2021, eMAG Ventures joined the shareholding structure of Flip.ro.
The platform already has more than 100,000 customers in Romania. In 2021, it recorded sales of EUR13.4 million, four times more than in 2020. At the same time, the team has doubled from 50 to 100 employees. Following the entry of eMAG Ventures into the company’s shareholding, Flip benefited from investments aimed at improving the online shopping experience of customers, from transport or packaging, but also in the development of new services and products.
In Bulgaria, Flip aims to attract almost 20,000 customers in 2023.
“We have confidence in the Bulgarian market and we want to carry on the know-how and technology in Romania to allow Bulgarian customers to benefit from quality products at very good prices, fast delivery services and extended return. We come with a completely new approach to the second-hand device market, through which we aim to respond to the constantly evolving needs of customers, in the context of digitalization. We believe that everyone should be able to afford a quality phone at a good price, and Flip offers this great alternative, making it easier for customers to access quality products and services,” said Theodor Filos, Flip Expansion Officer.
In autumn 2021, Flip attracted the first acceleration investment from eMAG Ventures, in the amount of EUR1.5 million. Flip solves the security and warranty issue faced by both sellers and buyers of used products sold through ad sites. Due to the process of verification and refurbishment, the sellers receive their money guaranteed, and the buyers receive a phone almost like new, with a guarantee and the right of return.
“In a very short time, thanks to the quality of the team and the investment in development, we are today taking the first step towards internationalizing Flip and we are confident that we can scale this model quickly, because our customers need these services,” stated Bogdan Axinia, Managing Director of eMAG Ventures.
eMAG Ventures is an investment program for technology companies that bring innovations in products and services directly or indirectly to end customers. In addition to funding, eMAG offers selected companies the know-how gained over 20 years of experience in the most dynamic tech sector of the moment, stimulating the digital economy.
Flip was founded by entrepreneurs George Moroianu, aged 24, Alin Luca, aged 27, and Alex Burghelia, aged 23. In 2021, it reported a turnover of EUR13.4 million, compared to EUR2.5 million in 2020.