Flip is a social commerce app that lets buyers grow to be creators. They can share sincere opinions and earn money based mostly on engagement on the platform. As Flip competes with TikTookay Shop and different platforms in a extremely aggressive market, it has launched a brand new creator fund that gives a singular alternative to assist it stand out.
The creator fund quietly rolled out earlier this week and offers as much as $100 million value of fairness to taking part creators over the following 5 or so years. Grants vary from $6,000 to $100,000, relying on a creator’s stage of engagement. Notably, Flip goals to distribute as much as $1 million per day for the primary 30 days of this system.
The new grant system units Flip aside from rivals as a result of it provides customers fairness within the firm. Equity funds sometimes have the potential for substantial long-term returns, so creators who stay with this system may see vital advantages, relying on Flip’s success within the close to future. (However, it’s necessary to notice these returns aren’t assured and fluctuate based mostly on market situations.)
To be eligible, a Flip creator should have over 4,000 followers and at the least 10 movies posted within the final 30 days, every garnering round 3,000 views. Flip additionally accepts creators with at the least 20,000 followers on different platforms like Instagram, TikTookay, and YouTube. Flip opinions functions and awards grants inside 48 to 72 hours, the corporate notes.
Payments will happen in 5 years or sooner within the occasion of an organization sale. In both case, funds might be made in money. Regarding a possible acquisition, nonetheless, Flip President Eddie Vivas shared with TechCrunch, “We don’t at present see an acquisition as an fascinating final result for our firm. Our purpose is to take the corporate public someday.”
Within 72 hours of launching this system, practically 10,000 influencers have utilized, in keeping with Vivas. He mentioned that roughly 22% of the functions got here from massive influencers. Users can at present view a dwell leaderboard of all of the grants on the creator fund web page. As of this writing, the very best grant awarded is $67,000 to Tyler Okay (@cheftyler).
As TikTookay’s future within the U.S. stays unclear, Flip is probably going relying on its new creator fund to incentivize extra customers to actively take part on the platform.
Amid the present TikTookay drama, Flip has seen vital progress, garnering 580,000 new downloads in January alone, in keeping with estimates from app retailer intelligence supplier Appfigures. On Monday, Flip made it to the No. 10 spot within the Overall Top Charts in Apple’s U.S. App Store.
Additionally, Flip is at present gaining about 250,000 new customers every day, with individuals spending a median of 35 minutes within the app day-after-day, in keeping with the corporate.
To keep traction and keep aggressive, Vivas mentioned that Flip plans to introduce extra social options within the coming months. These embody polls, group chats, and “elegant methods to repost,” he mentioned.
“We are centered on changing into a extra full-featured, dynamic social commerce platform constructing on the bottom we now have at the moment, which is now clearly working,” Vivas mentioned.
Flip, which launched in 2021, has raised $236 million thus far. The firm is valued at $1.1 billion.
