The new money comes from Mayfair Equity Partners and values LoopMe at $200 million. Previous rounds had totalled $32.2 million, according to Crunchbase.
In this video interview with Beet.TV, Stephen Upstone, CEO and Founder, LoopMe, explains how the company will use the money to deliver what marketers want.
“It helps us to really kind of grow the business further,” Upstone says. “That’s thinking more about international expansion, thinking about our products.
“We’re able to consider things like new products that we’re investing in ourselves, we might even look towards acquisitions of other businesses to pull into our platform.”
The company is already present in the US, Europe and APAC. It has been transitioning its product offering from a core of mobile apps into connected TV.
— LoopMe (@LoopMe) January 6, 2022
“We’re also looking to the potential to go public ourselves,” Upstone adds. “We’ve continued to grow very rapidly, and that could be a very interesting strategy for us to investigate with Mayfair who have good, good experience around that area.”
Upstone says LoopMe revenue is growing 50% year-on-year and the company is profitable.
AI for outcomes
LoopMe, a 10-year-old company with offices around the world, previously unveiled a product upgrade aimed at using real, observed data points about consumer outcomes that flow from ad exposure to course-correct connected TV ad campaigns mid-flight.
LoopMe’s PurchaseLoop aims to go beyond “proxy” ad metrics like views and click-throughs by using a massive audience data pool and AI algorithms to identify real uplift outcomes like awareness, consideration, favorability, intent, foot traffic and offline sales.
LoopMe is delighted to have won Best Mobile Marketing Platform, @Digiday
Technology Awards for our work with @IRI_INTL, @PepsiCo and @OMD_USA: https://t.co/H1QZ7oPbnr #DigidayAwards pic.twitter.com/Qyi1m1t9E1
— LoopMe (@LoopMe) November 19, 2021
For example, the company previously helped Audi drive a 31% increase in visits to LA dealerships, by using ad and mobile location data to recalibrate the brand’s ads.
“We’re actually optimising against outcomes, the things that marketers really want to drive,” Upstone adds. “We produce measurably better results by learning in-flight.
“We’ve learned to use real-time learning and artificial intelligence to produce measurably better results for advertisers, particularly against the kind of things that brand advertisers look for.”