A London based technology company has secured a £250,000 investment from the Greater London Investment Fund (GLIF), backed by the Recovery Loan Scheme.
The GLIF loan, along with additional private equity investment, will be used for further product development and to create 100 new jobs over the next two years, more than doubling the current workforce.
Looper Insights began developing its product in response to an industry problem that the major Hollywood Studios and VoD Streaming companies were experiencing. They simply couldn’t see where their content was placed on Connected TV Devices like Smart TV’s, set top boxes, streaming devices, games consoles and web stores. Looper has created a black box which scans all of these UIs for App and Title placement, which is used to provide data analysis and insights to film and television studios, distributors, and Video on Demand stores to optimise their revenues.
Previously, media companies did not have up-to-date information on pricing levels and promotions, and many managed their back catalogues on spreadsheets. Looper’s software allows the content creators to manage their content across platforms such as iTunes, Amazon Prime Video, XBox and Samsung TVs, enabling clients to use the data to advise them on what they need to change in the distribution of each film/TV show, and whether there is potential to increase its revenues through visibility and campaign opportunities.
Lucas Bertrand, Co-founder, CEO and Board Director, said: “Looper provides a service to content providers that no other company is currently offering, bringing a huge opportunity in a growing sector. We are extremely grateful for this GLIF loan, which has come at an opportune moment to capitalise on the rapid increase in the Video on Demand market through the expansion of our staff base as well as funding our product development work, which focuses on building access to more and more devices.”
The complex technology has taken over two years to develop and build, assuring Looper an early market adoption advantage, which they are planning to protect through patent applications this year. With the global Video on Demand market worth around $55bn and projected to rise to $160bn by 2027, the importance of Connected TV Devices in delivering the end user experience is increasing, making the service Looper offers even more relevant to content providers.
Paul Shadbolt, Investment Manager for The FSE Group, which manages the £55 million debt fund on behalf of Funding London, commented: “Looper has developed a ground-breaking product that is solving the problems of some of the biggest television and film distribution companies across the world, including Amazon, Sony and Disney. This, together with a team of advisors and board directors with vast experience in this sector and the ability to support and advise Lucas in the development of the brand, positions the company well for future growth and we are excited to be working with them to realise this.”
Maggie Rodriguez-Piza, CEO at Funding London, adds: “We were very impressed with the pioneering technology Lucas and the team have created. The market opportunity is substantial and by having a first-mover advantage, we believe Looper is best positioned to achieve its ambitions. We are thrilled to be supporting the business’ and team’s expansion through the GLIF loan.”
GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & Recycling Board (LWARB) and Funding London’s Legacies.
The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme.