XDATA – September 3rd 2014
BackFlip Technologies reported selling 64% of its debt issuance via a subscription which launched in July 2012. According to the information disclosed, seventeen subscribers ponied up $320,000 out of the $500,000 the company expected to raise. The offering, according to the information, is structured as indefinite and is to remain open until an additional $180,000 is raised. This is the first debt financing done by the company under a registration exemption.
BackFlip Technologies markets and develops a mobile application called iFlipd which allows users to rent e-books on a pay-as-you-go basis for $2 per book per week. The application is available for iOS enabled mobile devices.
The company was registered in 2013 and has its headquarters located in Lake Oswego OR. BackFlip Technologies kept its revenues undisclosed.
The executive team includes Dylan Anderson and Katherine Radziwon.
The board of directors includes Kevin Merritt.
Status: First close
Company: BackFlip Technologies
Industry: Other Technology
Amount offered: $500,000
Amount placed: $320,000
First sale: 07-13-2012
Data as of: 04-23-2014