Looma Secures $10 Million Funding to Enhance Store Media
Looma's Recent Funding Raise for Expansion
Looma, a prominent player in the in-store digital media sector, has successfully secured approximately $10 million. This capital comes from various family offices and current investors, including YETI Capital. The funds are set to accelerate Looma's expansion efforts and enhance its digital media offerings in retail environments.
Strategic Rollout Plans for the Future
In the coming years, Looma plans to execute a series of rollouts aimed at deepening its influence in the adult beverage sector and broadening its reach across all grocery store departments. This initiative will notably expand Looma's screen installations from around 800 in 2023 to more than 5,000 by the end of 2024.
New Features and Screen Types
The new funding will facilitate the introduction of a diversified platform featuring three distinct screen types: the existing "high-value space screens," along with innovative additions like "in-aisle interactives" and "atmospheric screens." These enhancements are aimed at modernizing the shopping experience and promoting specific product categories effectively.
Leadership Insights on Growth
Cole Johnson, Looma's Founder and CEO, expressed gratitude for the support from current investors and enthusiasm for the new partnerships. He stated, "This capital enables us to grow a truly end-to-end, enterprise-grade in-store digital media platform."
Strengthening the Team
The funding round has also allowed Looma to welcome Margot Fooshee, a former marketing executive from J.Crew and Beautycounter, to its board. Her expertise is expected to enhance Looma's strategic direction and market penetration.
Investor Perspectives
Maxx Karr, a partner at YETI Capital, highlighted the potential of Looma's digital media platform, noting their impressive track record over the last eight years. He shared his excitement for collaborating with the Looma team as they pursue national expansion strategies with leading retailers and brands.
Current Deployments and Retail Partnerships
Looma's technology is currently operational in 675 retail locations across various regions, including the East Coast, Midwest, and Texas. Their strategic partnerships include notable retailers such as H-E-B, Harris Teeter, and Lowes Foods, among others.
About Looma
Looma specializes in creating impactful in-store digital media experiences that prioritize storytelling and education. Their network of screens allows retailers to modernize and enhance their stores while also providing brands with a platform to connect directly with consumers at the crucial point of purchase.
About YETI Capital
YETI Capital consists of a group of experienced investors dedicated to assisting growth in various companies. Their approach includes hands-on mentorship and strategic guidance, focusing on providing real value to business leaders and innovative founders.
Frequently Asked Questions
What is Looma's primary focus?
Looma is dedicated to enhancing the in-store shopping experience through innovative digital media solutions that deliver storytelling and educational content at the point of decision.
How will the new funding impact Looma?
The recent funding will allow Looma to expand its network, deploy more screens in retail locations, and introduce new features in their digital platform.
Who has joined Looma's board?
Margot Fooshee, a former marketing executive at J.Crew and Beautycounter, has joined Looma's board of directors, bringing valuable industry experience.
What are the new screen types Looma plans to implement?
Looma plans to introduce "in-aisle interactives" and "atmospheric screens" to complement its existing "high-value space screens," enhancing consumer engagement.
Which retailers are currently using Looma's technology?
Looma's technology is currently deployed in various retailers, including H-E-B, Harris Teeter, and Lowes Foods, with plans to expand further.
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