AI-driven brand advertising firm LoopMe has closed a new round of funding, bringing in $17m (£13.3m) in further funding with investment led by BGF. The funding will enable global expansion of LoopMe's AI optimisation, attribution and analytics software, with a focus on the US market.
LoopMe's solutions use mobile data to optimise campaigns to real-world oucomes, such as purchase intent, store visits or sales, with the technology enabling marketers to prove attribution from advertising as well as reducing costs and increasing efficiencies. So far, the company has received a total of $32m in funding from global investors. In addition to BGF, this round saw participation by HV Holtzbrinck Ventures, Open Ocean and Harbert European Growth Capital.
"Brands need marketing solutions which deliver a business impact - sales, customers in stores and strong brand sentiment," said Stephen Upstone, CEO of LoopMe. "This additional funding will allow us to bring our award-winning technology, which is proven to move the needle on this KPIs, to brands and agencies worldwide."
The new funding will be used to continue the platform's growth in the US, where it will be expanding its footprint in cities including New York, San Francisco, LA and Atlanta, as well as increasing its existing presence in APAC.
"We were impressed with the results that LoopMe's technology was able to deliver clients and the positive response to the platform in the marketplace," said Sarah Ledwidge, investor at BGF, who will be joining LoopMe's board as part of the funding round. "The use of artificial intelligence enables LoopMe to deliver measurable, incremental value, improving ROI and occupying a vital place in brands' marketing strategy."