Looma Secures $13 Million Funding to Enhance Retail Media Network in Kroger Stores

Looma's Growth Surge in Retail Media

Introduction
Looma, a leader in the retail media space, has announced a significant achievement by securing $13 million through a Series B funding round led by Staley Capital. This investment will enable Looma to enhance its in-store retail media network, which is already seeing soaring demand across the United States. This funding consists of $10 million in equity and an additional $3 million credit facility from Silicon Valley Bank, bringing their total funding to approximately $30 million.

Expansion into Kroger Stores
In a testament to Looma's innovative approach, the company is set to launch its services in the wine and spirits departments of nearly 600 Kroger stores nationwide. This deployment follows a successful multi-year pilot program in 50 stores, where Looma demonstrated its ability to significantly drive up sales and improve customer satisfaction ratings. The platform not only met but exceeded expectations, recording a remarkable 98% customer satisfaction rating.

Outstanding Performance Metrics
Since its inception, Looma has been on a rapid growth trajectory. It began with just 800 in-store digital screens and has expanded to over 7,000 screens today, reaching approximately 27 million shoppers each month across various leading retailers, including BJ's Wholesale Club, H-E-B, and more.
Advertisers utilizing Looma's platform have reported impressive returns, with an average incremental return on ad spend (iROAS) of around four times. This success showcases the platform's effectiveness in increasing brand awareness, driving product discovery, and fostering customer loyalty, making it a compelling choice for brands like General Mills and Coca-Cola.

Industry Insight and Future Outlook
Cole Johnson, Looma's Founder and CEO, stated, "We have spent the last decade laying the groundwork for this moment, creating what we believe is the strongest in-store media platform available."
Staley Capital's involvement as a strategic advisor highlights the growing potential in the retail media landscape. Herb Kleinberger, Operating Advisor at Staley Capital, pointed out that while in-store grocery sales accounted for over 86% of total grocery sales, in-store retail media only represented less than 1% of total retail media ad spend. This insight indicates a ripe opportunity for expansion, and Looma is poised to capitalize on it.

Unique Storytelling Approach
What sets Looma apart from other retail media networks is its focus on authentic storytelling and product education. The screens are strategically positioned near merchandise to offer personalized recommendations and enhance the shopping experience by delivering relevant content at the point of decision. Furthermore, Looma also incorporates atmospheric screens that catch attention in high-traffic store areas, ensuring consumers remain engaged and informed.

Conclusion
As Looma embarks on this promising journey, the collaboration with Staley Capital and the expansion into additional Kroger stores signify a new chapter in the retail media evolution. With their innovative approach and proven track record, Looma is transforming the way brands connect with consumers right at their shopping moment, establishing a new critical frontier in retail media. This vibrant growth story continues to unfold, positioning Looma as a leading player in the future of retail environments.

For further details, visit Looma's platform.