Loop, a Chicago, IL-based modern audit & payment platform for the next-gen supply chain, raised $35 million in Series B funding.
SaaS Investors
The round was co-led by J.P. Morgan Growth Equity Partners and Index Ventures.
J.P. Morgan Growth Equity Partners (“GEP”) manages a $1B growth equity fund partnering with leading enterprise software, fintech, real estate technology, and consumer companies. GEP’s capital is a combination of the firm’s balance sheet alongside a broad set of institutions, family offices, and individual investors. GEP is the technology-focused late-stage venture and growth equity investment arm of J.P. Morgan Private Capital. J.P. Morgan Private Capital.
Founded in 1996, Index Ventures is a venture capital firm investing in the next generation of entrepreneurs from seed to IPO. The firm seeks to invest in companies operating in artificial intelligence, machine learning, business applications, data, entertainment, fintech, the future of work, healthcare, media, mobility, open source, retail, security, and talent sectors. With offices in San Francisco, New York and London
Loop Use of Funds
The company will use the new funding to continue building its solutions for the “next-gen supply chain
About Loop
Founded in 2021 by Matt McKinney and Shaosu Liu, Loop is a modern audit and payment platform designed for the next-generation supply chain, addressing the challenges and inefficiencies in the global logistics and transportation industry. The platform helps global shippers, logistics service providers, and other stakeholders in the supply chain streamline financial processes, reduce costs, and gain visibility into transportation spend. Loop is used by global shippers including Great Dane, GILLIG, and JPMorgan Chase; and logistics service providers including Convoy and Loadsmart.
Funding Details
Company: Loop
Raised: $35.0M
Round: Series B
Funding Month: October 2023
Lead Investors: J.P. Morgan Growth Equity Partners and Index Ventures
Additional Investors:
Company Website: https://loop.com/
Software Category: Modern Audit & Payment Platform
Source: https://www.businesswire.com/news/home/20231003388240/en/