TORONTO and NEW YORK,
April 14, 2016 /PRNewswire/
-- 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.
Media Contacts
Charmaine D'Silva
Flipp
+1-647-963-7113
charmaine.dsilva@flipp.com
Jenny Farrelly
General Atlantic
+1-212-715-4080
media@generalatlantic.com
Claire Ruffini
MWW for Insight Venture Partners
+1-646-520-0710
cruffini@mww.com
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SOURCE General Atlantic