[ibimage==35123==Original==none==self==ibimage_align-center]
Culver City-based Lootsie, a loyalty and rewards platform for mobile apps, announced $3.5 million in seed funding today. Investors include Tim Kendall, Head of Product Management at Pinterest and former Director of Monetization for Facebook; Michael Liou, Founding Partner, Anvil Capital; Anthony Saleh, angel investor; and Brad Schwartz, Founding Partner at SLP Ventures.
Lootsie will use the new infusion of capital to improve their technology and continue to build quality connections between brands and mobile users. They also hope to provide a solution for developers that addresses the challenges of user retention and monetization.
[ibimage==35125==Original==none==self==ibimage_align-right]"Retention continues to be a big focus for us at Sevenlogics, and we've seen outstanding levels of engagement since integrating Lootsie. Overall churn has been reduced, session times have jumped, and a new revenue stream has opened up as well," Alex Cheng, President of Sevenlogic and a Lootsie developer, said. "Most importantly, our users are happy with Lootsie, and as a result we've seen stronger conversions."
Lootsie's emphasis on app retention has helped in their partnership with major retailers, brands and developers including SOL REPUBLIC, Manduka, Sevenlogics and All Shook Apps.
"Lootsie's wide ranging and flexible platform is appealing to brands who in the age of apps and internet of things have many verticals to monetize," Michael C. Liou, Founding Partner, Anvil Capital Advisors LLC, said in a statement. "The Lootsie team's energy and broad vision is extremely impressive and will no doubt redefine the loyalty and reward space."
Lootsie works similarly to the popular loyalty programs that airlines, credit cards and hotels offer, but plug into any mobile app. Consumers earn points for hitting achievements within their apps and then can redeem those points for real-world rewards from any of Lootsie’s brand partners.
"We've worked really hard over the past few years to establish SOL REPUBLIC as a music lifestyle brand," said Mark Reynolds, Global Digital Director at SOL REPUBLIC, in a statement. "Lootsie understands that there's more to creating authentic brand advocates than simply throwing ads at them and seeing what sticks. We are psyched to be working with a team that understands how to create next-level experiences that speak to our mobile-savvy fans."
Have a tip for us or want to share news about your company? Email us via [email protected]
