LoopMe closes $17M growth investment led by BGF to expand further into the US
In 2013 LoopMe was a start-up which started out trying to solve the problem of intrusive ads on a mobile screen by consolidating them into an “ad inbox”. In 2014 they dumped that idea to become a mobile video ad business, using AI to retarget ad campaigns instead of ad teams. The pivot worked and in 2015 they raised $7M to expand.
They’ve now expanded again to become a business offering AI-driven brand advertising solutions using mobile data to optimize ad campaigns to things like purchase intent, store visits or sales. Today they’ve closed a new $17M investment led by BGF, a UK growth investor, alongside existing VC investors. The funding will be used to boost the platform and focus on the US market. The investment was led for BGF by Sarah Ledwidge, Tom McDonnell and Tim Rea.
The new investment takes the company’s total to $32M funding from global investors including HV Holtzbrinck Ventures, Harbert European Growth Capital, Open Ocean and Impulse VC.
LoopMe’s analytics suite is aimed at brands delving into customer audiences and planning across the marketing mix.
CEO Stephen Upstone said in a statement that: “Brands need marketing solutions which deliver a business impact – sales, customers in stores and strong brand sentiment. This additional funding will allow us to bring our award-winning technology, which is proven to move the needle on these KPIs, to brands and agencies worldwide”.
LoopMe’s technology has been used by brands including Norwegian Air, Jockey, Ben & Jerry’s, Microsoft and Audi, who use it to run mobile ad campaigns in the US, Europe and Asia.
Source: TechCrunch
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