DURHAM – The Looma Project apparently has a lot of people paying attention to its storytelling platform.
Some 41 investors have provided the company — also known as Looma — with $1.1 million in new capital. And according to the company’s SEC filing, they expect to raise an additional $1 million.
It’s the first sign of new cash for Looma since an original seed round of $375,000 disclosed in 2018.
Cary-based Cofounders Capital led that initial round in Looma, which also made Triangle entrepreneur Scot Wingo’s 2020 “tweener list,” a widely referenced list highlighting emerging startups in the Triangle.
The company’s first product, Loop At-Shelf Maker Stories, is a network of tablets that “connect grocery shoppers to the people behind their products.”
Loop are primarily installed in grocery stores and play short “human-centric” videos, with a heavy emphasis on local breweries and wineries.
Harris Teeter and Lowes Foods are among its partners.
Looma’s raise comes on the back of substantial COVID-driven sales growth for grocers nationwide.
“Demand for our platform has never been higher,” said Cole Johnson, Looma’s founder and CEO. “Retailers are looking to in-store technology as a means of delivering information to shoppers, and the grocery channel is all of our brands’ top priority right now.”
Johnson believes Covid-19 will accelerate adoption of Loop.
“The growth of e-commerce demands a better in-store experience,” he said. “If I know I can buy my boring stuff at home, I want the in-store experience to be driven by inspiration and discovery. And I want my local grocery store to have a sense of place — to be rooted in the local community, and to connect me with the people and stories behind my food.”
Cofounders’ partner Tim McLoughlin said the investment firm is pleased with Looma’s progress thus far.
“Looma has consistently delivered strong sales growth to retailer and brands alike, and we agree with Cole that this season presents an opportunity to accelerate adoption in the coming quarters,” he said.
The company has plans to expand into new retailers in the coming months, but isn’t ready to disclose details at the time.
Original Article Source: WRAL TechWire