Social mobile ad company LoopMe has secured $3m in Series A funding, from backers including Holtzbrinck Ventures and Open Ocean Capital.
LoopMe says the funding will be used to continue its international expansion and further develop its proprietary social discovery technology. The company says it’s particularly looking to grow its presence in the US and Asia, in order to take advantage of the burgeoning mobile gaming sector in those territories.
The London-based LoopMe specialises in adding social sharing functionality to mobile ads, allowing users to like, share, tweet or comment on ads they like – essentially adding a social wrapper to interstitial ad units. The premium network mainly deals with rich media and video and uses its own algorithms to ensure the most engaging content gets promoted.
LoopMe’s CEO Stephen Upstone said:
We are enabling consumers to share and rate adverts, games and the products that they represent. This is an important time for brands to consider the importance of endorsement and advocacy in the way in which their messages reach consumers, and LoopMe is supporting this by pioneering new technology that reaches of hundreds of millions of consumer around the world each month.”
Investor Holtzbrinck Ventures added:
With a tremendous global reach of shareable rich media and video ads and Big Data Artificial Intelligence capabilities, LoopMe is set to disrupt the mobile advertising landscape and completely redefine the way end users socially engage with ads.“
The idea of social sharing to reward user-friendly advertisements is an elegant way of addressing the ‘quality problem’ that many mobile ads suffer from, so it’s good to see LoopMe winning over investors. The company is reporting some pretty high social engagement rates, with ads from big name film and game brands attracting ‘likes’ from around 40% of users who clicked on them. For more info check out the LoopMe website.