LoopMe, the mobile data-based tech platform, has just secured $17 million in investment led by BGF, a UK-based growth investor, and participation from existing VC investors.
LoopMe, which specialises in artificial intelligence (AI)-based brand solutions using mobile data, plans to use the funds to expand its operations globally.
The company’s technology helps marketers reduce ad cost, boost effectiveness and prove attribution.
To date the company has received total funds of $32 million from investors based in the US, UK, Russia, China and Finland.
“Brands need marketing solutions which deliver a business impact – sales, customers in stores and strong brand sentiment,” said CEO Stephen Upstone. “This additional funding will allow us to bring our award-winning technology, which is proven to move the needle on these KPIs, to brands and agencies worldwide.”
Previous research by LoopMe found that brand outcomes increased 366% when clients used its PurchaseLoop product.
Greg Stuart, CEO at MMA, added:
“Much of marketing measurement is completely out of touch with business growth. While CTR is the most used KPI for brands our studies show that in many cases it has ZERO correlation to sales. The market must innovate in measurement if advertisers are going to get the most out of their investments in mobile advertising and other channels.”
LoopMe clients include Norwegian Air, Jockey, Ben & Jerry’s, Microsoft and Audi.