Loop, the Columbus e-commerce SaaS platform, has closed a $10 million Series A funding round. The funding will allow Loop to strengthen its proprietary technology, Returns, which focuses on automating a customer’s return service. Additionally, it will help the company further expand into customizing the post-purchase experience and overall interaction with its retail partners.
FirstMark Capital, a New York VC firm and early investor in Pinterest and Shopify, led the round, joined by early-stage venture funds Lerer Hippeau and Ridge Ventures, out of New York and San Francisco, respectively.
Loop was founded in 2017, after a top Shopify brand and agency partnered to build software aimed at improving return and exchange processing. After experiencing significant uplift to LTV and NPS, the startup focused on redefining the relationship between a brand and its customer after purchase.
“Direct-to-consumer brands have an opportunity to pioneer a more enlightened era of consumerism, one in which we buy less that means more,” Loop CEO Corbett Morgan, said, in a statement. “Working with these emergent and impactful brands over the last few years, we’ve recognized the profound power they have to build connectivity; we’ll use this funding to help equip these companies to change commerce for the better.”
Having landed three influential investors in e-commerce, Loop has secured another proof point that the company is on to something meaningful.
“We’ve been fortunate to make great investments that have fit our thesis around the importance of discovery and infrastructure in e-commerce,” FirstMark Capital Founder and Partner Amish Jani said, in a statement. “We believe a new segment is emerging around connection. Between the phenomenal product-market fit of Loop’s Returns product and the strength of their vision for the future, we believe Loop will be a very important company in the next generation of commerce.”
Loop also has satellite offices in Toronto and Waterloo, Ontario.
