In-Store Media Firm Looma Secures $10 Million of Fresh Funding
DURHAM, N.C., Sept. 26, 2024 /PRNewswire/ -- Looma, a leading provider of in-store digital media, announced today that it has raised approximately $10 million from a group of family offices, YETI Capital, and current investors. Looma will use the funds to expand its platform in new and existing retail partners and extend its product offering.
A series of rollouts slated for 2024 and 2025 will deepen Looma's penetration within the adult beverage category and expand their platform into all major areas of the grocery store. These rollouts grow Looma's install base from approximately 800 screens in 2023 to over 5,000 screens by the end of 2024.
The expanded platform will feature a blend of three screen types (pictured below): Looma's existing "high-value space screens", along with two new screen types, "in-aisle interactives" and "atmospheric screens."
"This capital enables us to grow a truly end-to-end, enterprise-grade in-store digital media platform, " said Cole Johnson, Looma's Founder & CEO. "We're grateful to have the continued support from our existing investors and thrilled to welcome YETI Capital and our other new investors."
In connection with the round, Margot Fooshee, former marketing executive from J.Crew and Beautycounter, joined Looma's board of directors.
"We are fired up about partnering with the Looma team," said Maxx Karr, Partner at YETI Capital. "They've built and honed the leading digital media platform over the past 8+ years, delivering meaningful performance enhancement to retail and brand partners over that time, and the company is primed to continue expansion with more national retailers & brands."
Looma is currently deployed in 675 stores across the East Coast, Midwest, and Texas, including retailers such as H-E-B, Harris Teeter, Lowes Foods, and multiple other undisclosed retailers.
About Looma
Looma is an in-store digital media platform focused on storytelling, education, and recommendations. Their network of in-store screens helps retailers better modernize and monetize their stores, while enabling brands to tell their story directly at the point of decision. All content that airs on Looma's network is produced or edited by Relay™, their global network of independent filmmakers, editors, and other creators who specialize in point-of-decision content.
About YETI Capital
YETI Capital is an actively engaged, highly experienced group of investors: successful founders/entrepreneurs and their partners deliver real value to our portfolio companies throughout their development.
We want to share what we've learned through building YETI, Nutrabolt, C4 Energy, Urnex, and other high-growth companies with passionate and visionary founders.
We make investments only when we believe we can provide real value to founders and their teams, dedicating our time to help create success for company stakeholders. We provide regular strategic advice, alongside personal mentorship, to each founder with whom we partner.
* YETI Capital is an investment vehicle created by the founders of YETI Holdings, Inc. (YETI: NYSE) ("YETI"). YETI Capital is not affiliated in any way with YETI.
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SOURCE Looma
