Looma Secures Significant Funding to Accelerate Growth
Looma, a prominent player in the in-store retail media sector, recently announced a successful funding round that raised $13 million. This capital comes from a $10 million Series B funding led by Staley Capital, bolstered by a $3 million credit facility from Silicon Valley Bank, a division of First Citizens Bank. With this latest financial boost, Looma's total funding has reached $30 million, enabling the company to push forward with its ambitious expansion plans across the retail space.
Expanding Presence Across 600 Kroger Stores
The newly acquired funds will facilitate Looma's expansion into the wine and spirits departments of nearly 600 Kroger stores nationwide. This strategic move comes as a response to the growing demand for effective in-store advertising solutions that engage customers directly at the point of sale.
Innovative In-Store Experience
Since its inception in 2023, Looma has rapidly expanded its network from 800 in-store screens to an impressive 7,000 across 1,100 retail locations. These state-of-the-art screens deliver compelling storytelling, educational content, and personalized product recommendations to approximately 27 million shoppers each month. Major retailers that utilize Looma's platform include Kroger, BJ's Wholesale Club, H-E-B, and more.
High Returns for Advertisers
Advertisers utilizing Looma's platform have reported remarkable results, with an average return on ad spend (iROAS) of nearly four times. This comprehensive approach assesses not just brand awareness but also discovery, conversion, and customer loyalty, providing brands with a clear understanding of their advertising impact.
Positive Impact of In-Store Advertising
According to Cole Johnson, Founder and CEO of Looma, the company has spent the past decade developing what he believes is the most advanced in-store media platform available. The recent funding will allow Looma to strengthen its market position further as they welcome Staley Capital as a strategic advisor during this critical growth phase.
Looma's expansion follows a successful pilot program conducted across 50 Kroger stores. During this trial, the platform significantly boosted category sales, improved execution of promotional displays, and achieved an outstanding 98% customer satisfaction rating. Brands featured in this successful pilot reported an iROAS of 2-4 times, alongside significant increases in brand awareness and new customer acquisition.
Industry Insight from Staley Capital
Herb Kleinberger, Operating Advisor at Staley Capital, shared his admiration for Looma's vision and execution. He noted that in-store grocery sales make up over 86% of total grocery sales, yet in-store media captures less than 1% of retail media ad spend. This underscores the potential for growth in this sector, positioning Looma as a leader moving forward.
Unique Approach of Looma's Retail Media Network
Unlike many other retail media networks, Looma employs screens that are strategically located next to corresponding merchandise. This method enhances authentic storytelling and product education, giving shoppers critical information at the right time. Looma also offers more traditional screens situated in high-traffic areas of stores.
To learn more about Looma's innovative solutions, interested parties are encouraged to explore their official platform for detailed information regarding their offerings.
About Looma
Looma specializes in in-store retail media solutions that focus on storytelling, education, and brand recommendations. Their unique video screens are designed to assist retailers in modernizing their shopping environments while providing brands with a direct avenue to communicate with consumers right when they’re ready to make a purchase. The content aired on Looma's network is produced by a global community of filmmakers and creators who excel in crafting impactful narratives at crucial decision-making moments.
About Staley Capital
Staley Capital is a growth-stage investment firm dedicated to collaborating with transformative B2B software and tech companies. They leverage deep industry insights to support their partner companies in achieving sustainable growth through strategic investments tailored for the modern consumer landscape.
Frequently Asked Questions
What funding did Looma recently secure?
Looma raised $13 million, including $10 million in Series B funding and a $3 million credit facility.
How many Kroger stores is Looma expanding into?
Looma is expanding into the wine and spirits departments of nearly 600 Kroger stores.
What is the main focus of Looma's in-store media platform?
Looma's platform emphasizes storytelling, education, and personalized product recommendations for shoppers.
What kind of returns are advertisers seeing on Looma's platform?
Advertisers on Looma's platform report an average return on ad spend (iROAS) of around four times.
Who are some of Looma's notable retail partners?
Looma partners with several leading retailers, including Kroger, BJ's Wholesale Club, and H-E-B, among others.
