Flip takes the first step outside Romania and expands into Bulgaria
Flip.ro, the start-up in the circular economy, announces its entry into the Bulgarian market, only a few months after eMAG Ventures joined the company’s shareholders, as part of its goal to become the leader in the refurbished Central European market and the East.
The platform already has over 100,000 customers in Romania, and last year recorded sales of 13.4 million euros, 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 20,000 customers next year.
“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.
Bogdan Axinia, Managing Director of eMAG Ventures, said: 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 the internationalization of Flip and we are confident that we can quickly scale this model, because customers need these services. ”
Last autumn, Flip attracted the first acceleration investment from eMAG Ventures worth 1.5 million euros. 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, all safe and without hassle. 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.