- General
- August 29, 2018
- 4 minutes read
Gaming startup Loot Crate gets $23 million Series B funding
image source : Loot Crate LA based gaming collectibles subscription startup Loot Crate has secured a Series B funding round…
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| image source : Loot Crate |
LA based gaming collectibles subscription startup Loot Crate has secured a Series B funding round totalling $23 million from new investor Atalaya Capital Management and commerical partners NECA and Bioworld Merchandising to bolster subscription lines, improve customer experiences, and enable new product launches and distribution channels for its products.
The leading subscription commerce platform for passionate entertainment and sport franchise fans is also refinancing its outstanding debt facilities while taking on incremental operational capital with this funding.
The 6 year old startup which has formed partnerships with the likes of Marvel, Nickelodeon, Overwatch, WWE, Cartoon Network and the Fallout, Halo, Harry Potter and Minecraft brands has now raised over $40 million in total with this new round.
“Over the past 6 years, Loot Crate has grown and evolved from a single subscription to offering multiple subscriptions spanning the best of pop culture, sports and gaming, thanks to the continued support of our loyal Looter community, investors and partners,” said co-founder and CEO of Loot Crate, Chris Davis.
“We provide a unique opportunity for fans to connect with their passions. With this new investment, and these new partnerships, we can focus on what made Loot Crate great and deliver on our vision.”
Matthew Spiro, Managing Director at Atalaya, added that: “Loot Crate delivers a unique, curated and high-value experience to pop culture fans around the globe. We are excited to anchor this significant investment in order to accelerate the company’s profitable operations and position it for growth.”
Loot Crate offers boxes of geek- and gaming-related merchandise sent on monthly subscriptions with a count of over 600,000 subscribers and $100 million in annual revenues as of 2016 when it took on a Series A financing round.
“Loot Crate has always been an important partner of ours, and we are pleased to expand our relationship with them,” noted Joel Weinshanker, National Entertainment Collectibles Association (NECA) CEO. “Our new joint manufacturing agreement builds upon NECA’s position as a leading provider of licensed collectibles and Loot Crate’s presence serving the fandom community.”
“This arrangement allows for important economies of scale, improved quality and expanded choices, the benefits of which can be passed on to our valued customers. Additionally, NECA and Loot Crate will be evaluating novel crate offerings to be drawn from NECA’s deep stable of intellectual property assets.”
