Furthering the idea that print marketing is on the decline, Flipp, which enables consumers to use their smartphones to access digital circulars, has raised $61 million from General Atlantic.
The company serves more than 800 retailers, including Walmart, Kroger, Macy’s, Lowe’s and Dollar General, with a reach of 50 million shoppers every week.
“In North America alone, $15 billion worth of flyers are being produced,” says Wehuns Tan, CEO and Co-Founder of Flipp. The company aims to replace expensive physical flyers with cheaper and more trackable digital versions that include more features for shoppers. Flipp cited a Nielsen study, which reports that as many as 84% of shoppers said they still checked a print circular each week.
Tan says the cash injection will help Flipp pull in more users as the company focuses on international expansion, joining what he estimates to be a $40 billion worldwide circular market.
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“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 Internet And Technology for General Atlantic.
Formerly known as Wishabi, Flipp was founded in 2007 by former Microsoft engineers, and previously raised $1 million in seed funding from an unnamed investor in January 2006, according to CrunchBase.
