Action sports network plans to use funding to accelerate eCommerce strategies
Action sports network, Loop’d has announced it has secured an additional $800,000 in funding from new investor Tech Coast Angels and existing private investors.
Based out of San Diego, Ca., Loop’d is a bit of a hub for athletes who are more into the ‘extreme’ sports like BMX, wakeboarding, surfing, skateboarding, etc. Its features include tools that enable athletes to promote themselves, connect with brands and join online communities focused on their favorite sports. Loop’d takes all this information from its users and runs a business model based on targeted advertising and eCommerce. Launched in November of 2007, in just a little over a year, Loop’d boasts it became profitable in December of 2008.
Loop’d also says it is the largest Online network for action sports. According to comScore, Loop’d’s traffic has increased by 450% in the past six months amounting to 750,000 unique monthly visitors. It currently has 500,000 registered members and partners with 400 sporting related brands including Monster, Oakley PacSun, Nike and the Winter X-Games.
Loop’d plans to use the funding for accelerating development of its eCommerce infrastructure and social merchandising strategy.
Here's a link to the full press release.
