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Lootcakes Raises $2m In Seed Funding

EARLY VENTURE | ANNOUNCEMENT DATE: 20 AUG 2020
WRITTEN BY | 22 Aug 2020
Lootcakes Raises $2m In Seed Funding
EARLY VENTURE

💵 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

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EARLY VENTURE
Lootcakes
  • Established in 2012

  • Headquarters — New York, United States and has offices in Denver and Seattle

  • Founded by Matt Littin and David Schleupner

  • Digital data network of F2P games spenders