The Loop’d Network (formerly Sponsorhouse) has reportedly rounded up $800,000 in what TechCrunch calls “an undisclosed round of funding from investor Tech Coast Angels and existing private investors.
Loop’d’s platform is a social network for athletes to promote themselves and and participate in a network of online communities based around action sports. Loop’d lets also members connect with brands, including Monster, Oakley and PacSun, for sponsorship.
The company apparently plans to use the money to stay in business.
[Link: TechCrunch via @Valerotti via @Ridertech]
Loop’d Network Secures Additional $800,000
SAN DIEGO, May 20 — Loop’d Network, the largest online network for action sports, announced today it has secured an additional $800,000 in funding from its existing private investors, along with new investor Tech Coast Angels.
The company intends to use this new financing to accelerate development of its eCommerce infrastructure and social merchandising strategy. Launched in November 2007, Loop’d has an innovative advertising and eCommerce model and became profitable in December 2008.
“In one of the most challenging times to be growing a company, we are fortunate to have strong partners to help us continue scaling and growing our business,” said Scott Tilton, founder and CEO of Loop’d. “We have built a profitable business and are a first-mover to successfully monetize a vertical network around the powerful action sports industry. Our model provides companies a proven ROI by integrating eCommerce and loyalty-based marketing programs into a growing network of over 500,000 influential athletes.”
“Members of the Tech Coast Angels were particularly interested in the fact that Loop’d had an established track record in sustaining profitable growth in a tough economy,” said Doug Hayes of Tech Coast Angels Los Angeles network. “They have organically built an online sports network that caters to a large youth market and have consistently demonstrated impressive monetization and brand engagement metrics while creating a real business.”
According to Comscore, Loop’d has increased its traffic by 450% over the past six months to 750,000 unique monthly visitors. This latest investment confirms the growing recognition of the influence and power of youth online, specifically via their social media activities around lifestyle interests like action sports.
About Loop’d Network
Loop’d Network (www.loopd.com) is an action sports and youth-lifestyle focused network, which provides a place for athletes to promote themselves, connect with brands and participate in a network of online communities rooted in action sports. There are 500,000 registered members and partnerships with over 400 brands, including category leaders Monster Energy, Oakley and PacSun.
About Tech Coast Angels
Tech Coast Angels, www.techcoastangels.com, the largest angel investor network in the United States, provides funding and guidance to more early-stage, high-growth companies in Southern California than any other investment group. Since its inception in 1997, TCA members have focused on building valuable companies, personally invested more than $99M, and helped portfolio companies attract more than $960M in additional capital, mostly from venture capital firms.
