Online events provider Looped has raised $7.7 million in a seed funding round for its interactive virtual venue platform, according to a press release emailed to PYMNTS.
The round, which was led by Will Ventures, included over 90 investors, including early-stage venture funds and angel investors in the tech and entertainment industries, as well as creators of music and sports content.
Among the investors were former U.S. Ambassador and television producer Colleen Bell, former Uber Chief Financial Officer Brent Callinicos and Super Bowl LV Champion and NFL All-Pro Defensive Tackle Ndamukong Suh (who also is a managing partner of House of Spears Management).
The platform “provides so many great opportunities for artists to connect with fans while they’re off the road and to create new hybrid experiences while touring as well,” said AJ McLean, band member of Backstreet Boys and a Looped investor, in the press release. “This platform is going to be a staple in fan interaction for many years to come.”
As a virtual venue, Looped allows creators to monetize their virtual events by offering merchandise, front row seats, backstage passes and co-viewing suites, and they can interact with their fans through live polling, games and a global chat. Fans can also talk directly with creators on one-on-one video chats.
“Their products will change how creators engage with their fans by increasing access and facilitating authentic connections,” said Brian Reilly, co-founder and managing partner at Will Ventures, in the press release.
Launched in 2019, Looped counts over 1,000 creators on its platform and over 300,000 event attendees. Creators on Looped include the original cast of the musical Hamilton, Lin-Manuel Miranda, Billie Eilish, Luke Bryan and Meghan Trainor.
Virtual concerts and events are likely not just a pandemic-induced passing fad — they offer convenience and flexibility on a global scale, not to mention safety and security. And live event venues are being battered.
Lollapalooza Co-Founder Marc Geiger recently told PYMNTS that it will take until 2022 to see live concerts again.
“It’s going to take that long before what I call the germaphobia economy to be slowly killed off and be replaced by what I call the claustrophobia economy, which is where everybody wants to go out and go back to dinner and have their life and go to festivals and go to shows,” he said.
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