Total amount raised
CA$263 Millions
Latest funding date
3/1/2021
Location
Loopio has successfully raised significant funding through multiple rounds, with its latest being a Private Equity round closed on March 1, 2021. The company offers AI-powered RFP response software designed to streamline the process of responding to RFPs, RFIs, and security questionnaires.
Keep reading to explore the intricacies of Loopio's fundraising journey and the investors backing this innovative platform.
What Is Loopio?
Loopio, founded in 2014, is headquartered in Toronto, Ontario, Canada. The company specializes in AI-powered RFP response software, designed to streamline the process of responding to RFPs, RFIs, and security questionnaires.
Founded by Jafar Owainati, Matt York, and Zakir Hemraj, Loopio has grown significantly since its inception. The platform enables enterprises to manage sales content and collaborate effectively across teams.
With a workforce of 251-500 employees, Loopio continues to innovate in the field of RFP response management, helping over 1,500 companies enhance their proposal processes.
How Much Funding Has Loopio Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: December 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to develop the core product and establish market presence.
- Series A
- Amount Raised: $9 million USD
- Date: February 2018
- Lead Investors: OpenView
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and expand the team, particularly in sales and engineering.
- Private Equity Round
- Amount Raised: $252 million CAD (approximately $200 million USD)
- Date: March 2021
- Lead Investors: Sumeru Equity Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and further enhance the AI capabilities of the platform.
Total amount raised: $209 million USD. Current valuation: Not publicly disclosed.
Key Investors
- Sumeru Equity Partners
- Details: Sumeru Equity Partners is a private equity firm that focuses on investing in middle-market technology companies. They provide strategic and operational support to help companies scale and achieve growth.
- Investment Focus Areas: Technology, Software, IT Services
- Notable Investments: GoGuardian, Azuga, Tasktop
- OpenView
- Details: OpenView is an expansion stage venture capital firm that helps build software companies into market leaders. They offer operational support through their Expansion Platform, which aids in hiring talent, acquiring customers, and partnering with industry leaders.
- Investment Focus Areas: Software, SaaS, Technology
- Notable Investments: Datadog, Expensify, Calendly
What's Next for Loopio?
Loopio stands at the cusp of significant growth opportunities, driven by the increasing demand for efficient RFP response solutions. With plans to expand their team and enhance their platform, the company is well-positioned to capitalize on the growing reliance on software to streamline business processes. The recent funding rounds have set the stage for Loopio to attract more clients and dominate the market.
Future fundraising opportunities seem promising, given the successful Series A round and strategic partnerships. However, Loopio may face challenges such as scaling operations and maintaining company culture during rapid growth. Competition from other SaaS providers will also require continuous innovation to stay ahead.
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