leo ar, user-facing marketplace for 3d objects, raises $3 million seed round
The Impact of ARKit and the Rise of Leo AR
The introduction of Apple’s ARKit represented a significant shift for entrepreneurs, mirroring the transformative effect of the App Store’s launch in 2008, albeit on a considerably larger scale.
Dana Loberg is one entrepreneur who has successfully leveraged the capabilities of ARKit with her startup, Leo AR.
From MojiLala to Surreal to Leo AR: A Journey of Innovation
Leo AR evolved through several iterations. Initially, the company began as MojiLala, incubated at betaworks.
MojiLala functioned as a streamlined marketplace where artists could upload and sell their digital stickers for use across various platforms.
In 2017, MojiLala launched Surreal, an application enabling artists to market virtual objects directly to consumers. These objects could then be overlaid onto camera views for engaging content creation.
Now operating as Leo AR, the company concentrates on 3D augmented reality objects, while maintaining its commitment to providing artists with a user-friendly platform to showcase and sell their creations.
Securing $3 Million in Seed Funding
Leo AR has recently announced the completion of a $3 million seed funding round.
The investment was spearheaded by Great Oaks Ventures, with additional participation from Dennis Phelps of IVP, betaworks, Deutsch Telekom, Quake Capital, and a group of angel investors.
Leo AR’s Business Model and User Engagement
The application utilizes a freemium model, allowing users to subscribe to their preferred artists on the platform.
Leo AR retains a 30% commission on these purchases, but Loberg emphasizes that prioritizing fair compensation and incentivizing artists to contribute to the platform is her primary goal.
The app has gained considerable traction among younger audiences, particularly children, who enjoy incorporating dinosaurs and dragons into their videos.
Currently, Leo AR users have generated over 8 million videos within the platform.
Active users incorporate an average of 85 3D objects into their scenes and spend more than 10 minutes within the app per session.
Content Sharing and Community Features
Leo AR facilitates content distribution to platforms like Instagram.
Furthermore, the app features a curated feed showcasing the most popular videos created by users, fostering a sense of community and discovery.
Jordan Crook
Jordan Crook's Role at TechCrunch
Jordan Crook previously held the position of Deputy Editor at TechCrunch. This role signified a key leadership position within the organization.
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