LoopMe’s Artificial Intelligence Technology Raises $17 million led by BGF
Investors double down on AI-driven results as LoopMeTM closes the purchase loop for brands.
London/NY 28/10/2018: Today LoopMe announced a further $17 million investment led by BGF, a $3.3 billion UK growth investor and including existing VC investors. The funding enables global expansion of LoopMe’s AI optimization, attribution and analytics software, with focus on the US market.
The company has received a total of $32m funding from global investors based in US, UK, Russia, China and Finland. Existing venture investors HV Holtzbrinck Ventures, Open Ocean and Impulse VC all participated in the round.
LoopMe specializes in AI-driven brand advertising solutions using mobile data to optimize campaigns to real-world outcomes, such as purchase intent, store visits or sales. The technology allows marketers to prove attribution from advertising, reduce costs and increase efficiencies, while improving the customer experience. LoopMe’s analytics suite provides brands with comprehensive insights into customer audiences and is used to inform planning across the marketing mix.
The funding will be used to continue the platform’s growth in the US, where it will be expanding its footprint in New York, San Francisco, LA, Chicago, Atlanta, Boston and Detroit, as well as increasing its existing presence in APAC.
Research into LoopMe’s technology shows an average 366% increase in brand outcomes when its flagship product PurchaseLoopTM is applied[1]. CEO Stephen Upstone said:
“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”.
His thoughts were echoed by MMA CEO Greg Stuart who commented “Much of marketing measurement is completely out of touch with business growth. While CTR is the most used KPI for brands our studies show that in many cases it has ZERO correlation to sales. The market must innovate in measurement if advertisers are going to get the most out of their investments in mobile advertising and other channels.’
The investment was led for BGF by Sarah Ledwidge, Tom McDonnell and Tim Rea.
Ledwidge, investor at BGF, joins LoopMe’s board as part of the funding round. “We were impressed with the results that LoopMe’s technology was able to deliver clients and the positive response to the platform in the marketplace. The use of artificial intelligence enables LoopMe to deliver measurable, incremental value, improving ROI and occupying a vital place in brands’ marketing strategy’.
LoopMe’s technology has been activated for brands including Norwegian Air, Jockey, Ben & Jerry’s, Microsoft and Audi, who use the AI solution to run effective mobile advertising in the US, Europe and Asia.
Advisors to the transaction:
Legal – EY
Financial – WY Partners
Tax – Grant Thornton
Commercial – Kelly Newman Ventures
LoopMe:
Legal – Orrick
About BGF
BGF is the most active and influential investor in small and mid-sized businesses in the UK, with £2.5bn to support a range of growing companies – early stage, growth stage and quoted – across every region and sector of the economy. In Ireland, BGF has an additional €250m to support Irish SMEs on a similar growth path.
BGF makes long-term equity capital investments in return for a minority stake in the companies it backs. Initial investments are typically between £1m-£10m followed by significant follow-on funding as required. BGF is a minority, non-controlling equity partner with a patient outlook, based on shared long-term goals with the management teams it backs.
With a specialist internal team of over 150 people, combined with an unparalleled international network of business leaders, sector experts, and board-level non-executives, BGF has a unique platform and capability to support growing UK and Irish SMEs. This is further reinforced through dedicated in-house support with Chair and senior executive selection and appointments provide by our Talent Network, now some 5,000 strong.
BGF invests off its own balance sheet allowing it to offer truly flexible investment structures with a mix of equity and loan notes as appropriate. BGF can also provide equity release for existing shareholders, and funding to support acquisitive and organic growth strategies at home and abroad.
Social media: @BGFinvestments
About LoopMe
LoopMe was founded with the mission of closing the loop on brand advertising. Its full-stack tech platform harnesses mobile data, using a powerful combination of attribution, Artificial Intelligence and analytics to deliver outstanding campaign performance against brand outcomes – consideration, purchase intent, foot traffic and sales.
[1] Analysis of platform data: campaigns implementing PurchaseLoopTM technology H1 2018