The startup company Looped raises $7.7M of funding which was disclosed in early March, 2021. In an interview, the co-CEO of this online event platform provider, Faisel Durrani, stated that this investment is going to be used to develop their technology stack. In total, it has raised investment worth of $8.8 million.
Wrapped $7.7 M Investment Funding of Looped
Due to the break of Covid-19 pandemic, it has been the norm now to move live events into virtual space – from ticket purchasing to the event watching itself from the screen. While it provides several benefits such as the lack of queuing or leaving your home, it still leaves plenty of room to be desired.
However, it was announced at March 2 this year that Looped raises $7.7M. This strong investment officially closed the company’s seed funding round. This time, Will Venture led the financing. The event is also joined by participation from numbers of investors, including Forefront Venture Partners, Intuition Capital, Rocketship VC, Toy Ventures, Ketch Ventures, Alpaca VC, Predictive VC, and HOF Capital.
In addition, there were also over 90 angel investors that made presence. These angels investors are including Cortez Bryant and Gee Roberson (Blueprint Group Co-CEOs & Maverick Management Partners), Shawn Gee (Live Nation Urban President and Maverick Management Partner), Ahmir “Questlove” Thompson (The Roots’ drummer and joint frontman, Entrepreneur), Tariq “Black Thought” Trotter (The Roots’ lead MC, Rapper, Actor) Jill Scott (Award-winning Songwriter and Singer), and AJ McLean (member of Backstreet Boys).
The virtual conference provider also stated that this funding is going to be used to create a more interactive and engaging livestreaming event service to fill the gap on virtual event companies that’s made during the Corona outbreak.
Looped is a company that was established on October 2019. The platform is now a home to 1,000 creators and more than 300,000 virtual events attendees. It has a list of high-profile content creators such as Shawn Mendes, Sam Smith, Dua Lipa, Khalid, Charlie Puth, Billie Eilish, BTS, Russel Wilson, Aaron Rodgers, Kevin Durant, Lamar Jackson, Usher, Lin-Manuel Miranda, Baker Mayfield, Hamilton’s original cast, and more.
This online conference platform allows the creators to start and broadcast their performances – with the provided tools or the integrated production tools preferred by the creators themselves. It also offers ticket buying system, merchandise selling, special backstage pass feature, co-viewing for group watching, and many more available beneficial tools.
In 2021, the virtual event app provider has made some breakthrough. According to the company, it provides the technology used on Gotham Awards this year. It released new advanced technology that allows the attendees to co-viewing during the livestreaming event.
Another major change it experienced this year is hiring Faisel Durrani, a music executive veteran, as the co-CEO. By Durrani joining the company, it wishes to oversee strategic moves, fresh business opportunity, create new marketing strategies and more.
This company is only one example of the virtual meeting platforms that undergo rapid growth during the pandemic. Some of the players in the same field are including Zoom, Bizzabo, Hopin, Hubilo, Touchcast, Welcome, and several other names.