? Venture Funding
New York-based digital data network Lootcakes has closed a $2m seed round led by Konvoy Ventures, with the participation of SOSV and GAN Ventures
The money will be used to:
develop and release its consumer mobile application
open up Lootcakes’ mobile app private beta to more players, by expanding beyond the US market
offer new limited-edition merchandise and virtual goods
develop partnerships with YouTubers, streamers and game communities
As part of the transaction, Konvoy Ventures Managing Partner Jason Chapman has joined Lootcakes’ board of directors
? Previous Round
In September 2017, Lootcakes raised funding in a Seed round led by SOSV
? Products
Lootcakes works both in B2C and B2B sectors:
As a B2C organization, Lootcakes rewards players for sharing data about their activity on App Store, Google Play or Steam (in-app purchase receipts, gaming preferences, buying behavior). In return for every purchase, users make in F2P games, they receive “Lootcakes” — a virtual currency that can be exchanged on cards for in-app purchases
As a B2B organization, Lootcakes provides publishers with exclusive data-sets of look-alike audiences, based on its members’ spending preferences. However, the data about actual users is excluded and is not a part of the trade
Lootcakes paying members spend over $170 per month on free-to-play games, with the top 1% spending over $2,000 per month
In 2019, game advertisers spent over $10m on ads targeting Lootcakes’ look-alike audiences. This year they are on track to spend $25m
SOURCES: VENTURBEAT, PRNEWSWIRE
