In-Store Media Firm Looma Secures $10M of Fresh Funding
In-store digital media provider Looma has raised approximately $10 million from a group of family offices, YETI Capital and current investors. The company will use the funds to expand its platform in new and existing retail partners and extend its product offering.
Looma is an in-store digital media platform focused on storytelling, education and recommendations. According to company, its network of in-store screens helps retailers better modernize and monetize their stores while enabling brands to tell their stories directly at the point of decision. All content that airs on Looma's network is produced or edited by Relay, its global network of independent filmmakers, editors and other creators who specialize in point-of-decision content.
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A series of rollouts slated for 2024 and 2025 will deepen Looma's penetration within the adult beverage category and expand its platform into all major areas of the grocery store. These rollouts will grow Looma's install base from approximately 800 screens in 2023 to more than 5,000 screens by the end of 2024.
The expanded platform will feature a blend of three screen types (pictured): 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, founder and CEO of Durham, N.C.-based Looma. "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, has joined Looma's board of directors.
"We are fired up about partnering with the Looma team," said Maxx Karr, partner at Austin, Texas-based YETI Capital. "They've built and honed the leading digital media platform over the past eight-plus 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 and brands."
Looma is currently deployed in 675 stores across the East Coast, the Midwest and Texas, including H-E-B, Harris Teeter, Lowes Foods and various other undisclosed retailers.
