FlipOS
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
FlipOS was the iBuyer technology platform of Stoa USA Inc., a Phoenix-based proptech company. It let professional real estate investors outsource the full fix-and-flip workflow: scouting assets, financing projects, scoping renovations and warehousing properties, with an upfront purchase offer on the renovated home. Founded by Tom Sella and Or Agassi, the company rebranded from FlipOS to Stoa in 2022.
02 / FlipOS FAILURE REASONS
Failure reasons
Stoa was hit by the 2022-2023 housing downturn: rising interest rates crushed iBuyer economics just as the company had loaded up on debt financing. In July 2023 it laid off 80 percent of its workforce, shrinking from nearly 100 employees to about 20, and after failing to find a path forward it ceased operations in June 2025.
03 / EVENT HISTORY
Events in the structured record
- Company founded
Tom Sella and Or Agassi found Stoa USA Inc. in Phoenix, Arizona, and build the FlipOS platform for real estate investors.
- Series B funding
FlipOS raises $136 million in Series B funding: $36 million in equity from Zeev Ventures plus a $100 million securitization led by Cantor Fitzgerald.
- Rebrand to Stoa
The company rebrands from FlipOS to Stoa, reporting $300 million raised in debt and equity.
- Mass layoffs
Stoa lays off 80 percent of its workforce, from nearly 100 employees to about 20, citing changes in the real estate market.
- Operations cease
Stoa ceases operations in June 2025.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Stoa raised about $300 million in total, split between roughly $100 million in equity and $200 million in debt.
- 02
In July 2023 the company cut 80 percent of its workforce, from nearly 100 employees to about 20.
- 03
Stoa ceased operations in June 2025.
- 04
No reliable loss figure with a clear subject, period and basis exists, so no loss amount is recorded.