Loop, a San Francisco, CA-based SaaS provider enabling restaurants to maximize their third-party delivery service profitability, has secured $6 million in seed funding.
SaaS Investors
The round was led by Base10 Partners, with participation from Afore Capital.
Base10 is a San Francisco-based venture capital fund investing in founders who believe purpose is key to profits and companies that are automating sectors of the Real Economy, including transportation, retail, logistics, and construction. The Advancement Initiative, Base10’s growth-stage fund, donates 50% of profits to underfunded colleges and universities to support financial aid and other key initiatives.
Loop Use of Funds
The company will use the funds to accelerate growth, as it partners with restaurants to optimize profitability from third-party delivery services. Loop will also be investing in its expanding suite of products to serve restaurants’ complex back-office needs.
About Loop
Loop is a SaaS provider specializing in maximizing profitability and operational excellence for restaurants in the third-party delivery space. By addressing critical pain points such as financial reconciliation and bookkeeping, sales tax and franchise fee liability, real-time store availability management, and marketing optimization, LoopAI offers a comprehensive suite designed to elevate the customer experience and financial outcomes for its partners. Loop partners with restaurants to optimize profitability from third-party delivery services.
Funding Details
Company: Loop
Raised: $6.0M
Round: Seed Round
Funding Month: March 2024
Lead Investors: Base10 Partners
Additional Investors: Afore Capital
Company Website: https://www.tryloop.ai/
Software Category: Delivery Intelligence Platform
Source: https://www.tryloop.ai/blog/loop-raises-6m-to-champion-and-unlock-third-party-delivery-profitability-for-restaurants