MENLO PARK, Calif.--(BUSINESS WIRE)--Loop Commerce, the first-of-its-kind turnkey, enterprise-grade SaaS solution powering the shopping experience, checkout and e-gifting platform of the world’s top retailers, announced today an additional $16 million round of funding, bringing the total invested in the company to $30 million. Indicative of the industry’s enthusiasm for Loop’s technology and solution, this funding comes as continued support from existing, as well as new strategic investors and influential individuals notable for their significant contributions to retail, technology and finance. This round was led by Oren Zeev, a lead investor in companies such as Houzz, Chegg, Audible, Tipalti and others, together with Dan Tierney and Stephen Schuler (through their family office, Wicklow Capital), co-founders of GETCO and investors in several successful startups.
On the heels of a strong year, Loop will use the new funding to accelerate its growth, including the hiring of new team members across most functions of the organization, notably in engineering, data, sales and marketing, product and design. This growth is intended to meet the rapidly rising demand for its solution from retailers and consumers alike, as well as to support unique partnerships with key players in the e-commerce, payment and gifting ecosystems.
In addition to Zeev and Wicklow Capital, industry investors include PayPal, Andrew Fine and Silas Chou (through his family office, Novel TMT), the retail tycoon known for his holdings in retailers such as Michael Kors, Tommy Hilfiger, and Ralph Lauren Europe; Don Katz, EVP at Amazon; Mark Carges, former CTO at eBay; Dan Rose, Facebook’s VP of partnerships and strategy; Ken Seiff, former EVP e-commerce at Brooks Brothers; Michael Scharff, former SVP at Toys “R” Us and Best Buy; Ron Offir, former SVP e-commerce at Michael Kors; Richard Sarnoff from KKR; Chuck Geiger, CTO of Chegg and former CTO of PayPal; Roy Rubin, founder and former CEO of Magento; Dovi Frances, managing partner at SG; and Mohan Gyani, board member at Blackhawk Networks.
“Loop Commerce provides retailers and consumers with a solution for e-gifting that gives merchants a compelling way to help people buy the perfect gift on their sites,” said Hill Ferguson, SVP and Global Head of Consumer Business at PayPal. “We are excited to support Loop as it delivers shopping experiences that engage and delight consumers.”
Loop enables a new, personal way to give and receive gifts through its unique e-gifting experience. Its turnkey solution integrates seamlessly with retailers’ online stores and backend systems to empower online customers to select and send the perfect gift to everyone for every occasion. Consumers can select and send any product, without having to worry about the specific size, color, style, mailing address or delivery constraints. Recipients receive notifications of their gifts, and are directed to the retailer’s online store to accept them. Recipients can then configure gifts to suit their preferences, or exchange them before they ship the gift to the address of their choosing. Retailer benefits include incremental sales, new customer acquisition, increased loyalty and overcoming traditional gift-related expenses such as costly returns. Retailers also receive unique customer and purchase-related insights based on the Loop ecosystem experience, fast time to market, and a high ROI.
“Introducing the personal back into the otherwise impersonal online experience is only the beginning of what we believe to be the transformation of commerce,” said Roy Erez, CEO and co-founder of Loop Commerce. “Challenging some of the core fundamentals of commerce turned out to be a significant task. We couldn’t have dreamed so big without the A-list people who have invested in us from the beginning and have supported us along the way. Their invaluable guidance is helping make our vision a reality — unleashing e-gifting’s potential to change the way we buy, give and receive gifts. We’re absolutely thrilled our investors have decided to increase their commitment and support as we take Loop to the next level.”
Loop introduced its e-gifting platform during the second half of 2014. Loop’s solution is used by top innovative retailers including Macy’s, Lancôme, Urban Decay, Diane von Furstenberg, Johnny Was, Relax the Back and Thomas Dean, and the company continues to onboard additional retail industry leaders.
About Loop Commerce
Loop Commerce is driving a paradigm shift in e-gifting and commerce overall. Loop is an enterprise-grade, fully customizable, e-gifting solution powering the shopping experience, checkout and e-gifting platform for the world’s top retailers. By integrating the personalization of gifting with the convenience of online shopping, Loop makes buying gifts simpler and more thoughtful for consumers, while driving significant business value for retailers. Loop’s solution seamlessly integrates with retailers’ online stores fueling increased business, reducing costly returns and exchanges, and enhancing customer acquisition and loyalty. The company's groundbreaking SaaS solution was built and optimized with significant R&D and collective experience working with some of the largest and most demanding retail brands. Loop is backed by PayPal and key executives in technology, e-commerce and retail. For more information about Loop Commerce, visit: http://www.loopcommerce.com/ and follow us on Twitter @LoopCommerce and on Facebook.
