Total amount raised
$34.3 Millions
Latest funding date
1/1/2023
Location
Loop has successfully raised significant funding through multiple rounds, including a Series B, with backing from notable investors such as Shopify Ventures and Harmony Partners. The platform specializes in automating returns and refunds, integrating seamlessly with Shopify to enhance the customer experience.
Keep reading to delve into the details of Loop's funding journey and discover the investors who are supporting this innovative returns management solution.
What Is Loop?
Loop, founded in 2017, is based in Columbus, Ohio. The company specializes in automating returns and refunds for eCommerce brands, particularly those using Shopify.
Founded by Brandon Schmidt, Chris Pinchot, Dustin Tevis, Jonathan Poma, Kyle Hency, and Steve Kemper, Loop aims to make the return process seamless for both customers and merchants.
With a team of 101-250 employees, Loop continues to innovate in the returns management space, helping businesses turn operational challenges into profit centers.
How Much Funding Has Loop Raised?
- Seed Round
- Amount Raised: $3.3M
- Date: January 2021
- Lead Investors: Freestyle Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and gain early market traction.
- Series A
- Amount Raised: $21M
- Date: September 2021
- Lead Investors: 01 Advisors, Foundry Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technology infrastructure.
- Convertible Note
- Amount Raised: $10M
- Date: January 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and prepare for future funding rounds.
Total Amount Raised: $34.3M. Current Valuation: Not publicly disclosed.
Key Investors
- Shopify Ventures
- Details: Shopify Ventures is the venture capital arm of Shopify, focusing on investments that complement Shopify's ecosystem. They aim to support companies that enhance the e-commerce experience.
- Investment Focus Areas: E-commerce, technology, software
- Notable Investments: Not publicly disclosed
- Harmony Partners
- Details: Harmony Partners is a growth-stage venture capital firm that invests in technology companies. They focus on providing flexible capital solutions to help companies scale.
- Investment Focus Areas: Technology, software, internet-based companies
- Notable Investments: Not publicly disclosed
- Freestyle Capital
- Details: Freestyle Capital is an early-stage venture capital firm based in San Francisco. They focus on investing in innovative startups with high growth potential.
- Investment Focus Areas: Technology, consumer internet, software
- Notable Investments: Patreon, Airtable, Intercom
- 01 Advisors
- Details: 01 Advisors is a venture capital firm founded by former Twitter executives. They leverage their operational experience to help startups grow.
- Investment Focus Areas: Technology, software, internet
- Notable Investments: Notion, Bird, Brex
- Foundry Group
- Details: Foundry Group is a venture capital firm that invests in early-stage technology companies. They are known for their hands-on approach and long-term commitment.
- Investment Focus Areas: Technology, software, internet
- Notable Investments: SendGrid, Fitbit, Zynga
What's Next for Loop?
Loop is poised to capitalize on the growing e-commerce market, with opportunities to expand its automated returns and refunds platform. As online shopping continues to surge, the demand for efficient returns management solutions is expected to rise, presenting Loop with a significant growth avenue.
Given this potential, future fundraising rounds could be on the horizon to support Loop's expansion and technological advancements. However, the company may face challenges such as increased competition and the need to continuously innovate to stay ahead in the dynamic e-commerce landscape.
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