The Shift to Virtual Events and Looped's New Funding

The landscape of live events has undergone a significant transformation due to the Covid-19 pandemic, with many experiences transitioning to the virtual realm. Attendees now purchase tickets or simply access a link to participate in events through websites or applications, observing the action on their screens. While virtual access offers a degree of equality in seating, these events often lack the immersive qualities of in-person gatherings.

Looped Secures $7.7 Million in Funding

Looped, a startup focused on creating more engaging and interactive livestreaming events for music concerts, comedy shows, and other entertainment, has announced a new round of funding. Co-CEO Faisel Durrani stated that the $7.7 million investment will be allocated to further development of the company’s technology infrastructure. This brings Looped’s total funding to $8.8 million.

Strong Growth and Notable Partnerships

The funding arrives following a successful year for Looped, which was founded in October 2019. Since its launch, the platform has facilitated virtual events attracting approximately 300,000 attendees, featuring performances by over 1,000 creators. Notable artists who have utilized Looped include Billie Eilish, Shawn Mendes, BTS, Kevin Durant, Aaron Rodgers, Russell Wilson, Lamar Jackson, Baker Mayfield, Lin-Manuel Miranda, Usher, Sam Smith, Charlie Puth, Khalid, Dua Lipa, and the original cast of Hamilton.

Looped's Comprehensive Event Tools

Looped provides creators with a suite of tools to host and broadcast performances, either utilizing Looped’s native features or integrating with existing production software. The platform also supports ticket and merchandise sales, exclusive “backstage pass” rooms, interactive conversations, and “co-viewing” suites for shared viewing experiences.

Ham4Change: A Successful Charity Event

As an illustration of Looped’s capabilities, the cast of Hamilton collaborated on a charity event called Ham4Change, aimed at raising funds for nine non-profit organizations dedicated to combating racial injustice. The event, featuring cast members interacting with the audience and performing songs, generated over $1.1 million through the sale of 15,500+ livestream tickets and 1,000+ Virtual Meet & Greets with 35 cast members.

The Competitive Landscape of Virtual Event Platforms

Looped’s funding is noteworthy for several reasons. Firstly, it exemplifies the growing number of streaming startups and virtual event services gaining traction in the current market. Alongside major players like Zoom, there are significant startups such as Hopin and Bizzabo, as well as emerging companies like Grip, Welcome, Hubilo, and Touchcast, each targeting different segments of the virtual event space.

Competition from Established Tech Giants

Furthermore, large technology companies, including Google’s YouTube, Pinterest, and Spotify, are also exploring opportunities within the virtual event market, assessing user interest in these types of experiences.

“The proliferation of companies in this space is a positive sign, indicating the future of events,” stated Durrani, a veteran of the entertainment and music industries. “Innovation will be key to success, and the focus should be on developing new products to enhance engagement.”

A Strategic Investor Network

Secondly, the composition of Looped’s investor base is particularly significant. The funding round was led by a syndicate of over 100 strategic partners, chosen to expand Looped’s network of creators.

Investor Details

The funding was led by Will Ventures, with participation from Rocketship VC, Alpaca VC, Forefront Venture Partners, HOF Capital, Toy Ventures, Intuition Capital, Predictive VC and Ketch Ventures. In addition, the round included over 90 strategic angel investors.

These investors include Gil Goldschein, former Bunim/Murray Productions CEO; Shawn Gee, President of Live Nation Urban & Maverick Management Partner; Gee Roberson & Cortez “Tez” Bryant, Co-CEOs of Blueprint Group & Maverick Management Partners; Jill Scott, Grammy-winning Singer and Songwriter; Colleen Bell, California Film Commissioner; Brent Callinicos, Former Uber CFO; Rob Glaser, RealNetworks Founder; Ram Varadarajan, Arcot Systems & Acalvio Technologies Founder; Richard Wolpert, HelloTech Founder; Elizabeth Khuri Chandler & Otis Chandler, Goodreads Founders; James Beshara, prominent angel investor and podcast host; Lauren Hurvitz, Former Turner CCMO; Laurie Marvald, Founder of Multi-Platinum band & record label; Erika Singal, LA Lakers Partnerships Executive; Noah Whinston, Immortals Gaming Club Founder; and Patrick Finnegan, Gen Z VC.

Investor Perspectives

Gil Goldschein commented, “The technology and audience interactivity built by the Looped team create a truly impressive media platform. This intersection of media and technology represents the future.”

Additional investors include Ahmir “Questlove” Thompson, AJ McLean, Tariq “Black Thought” Trotter, and Ndamukong Suh.

AJ McLean stated, “Looped is a game changer, providing artists with opportunities to connect with fans both on and off the road, and to create new hybrid experiences.”

Challenges and Future Outlook

Durrani acknowledged that adoption remains a key challenge, as virtual events have not yet reached the scale of traditional live performances. Many artists are hesitant to fully embrace virtual events, experiencing “Zoom fatigue” and concerns about market saturation.

“The virtual event space is still evolving, and many are eager to return to in-person experiences,” Durrani explained. “However, a recent Goldman Sachs survey indicated that 74% of consumers intend to continue engaging with virtual content even after the pandemic subsides, which is encouraging.”

VC investors recognize Looped’s specialization in entertainment events, similar to Touchcast’s focus on corporate events, as a significant advantage.

Brian Reilly, Managing Partner at Will Ventures, stated, “Looped stands out in the crowded virtual venue market due to its commitment to product innovation, strong industry partnerships, and impressive traction. Their products will transform how creators engage with fans, increasing access and fostering authentic connections.”

Looped’s progress will be closely watched, particularly as major technology companies like Apple, Spotify, and Google explore the space and seek partnerships with startups to enhance their own offerings.

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