PayPal Invests in Loop Commerce Online Payment Leader's Backing Adds To Company's Series A Funding
SAN FRANCISCO, Dec. 11, 2013 /PRNewswire/ -- Loop Commerce, the company reinventing e-commerce by changing how gifts are given and received for online retailers, is announcing it has secured an investment from PayPal as part of the company's Series A funding. With its investment, PayPal joins recently announced Series A investors, who are e-commerce, technology, retail and finance leaders, in supporting Loop Commerce's vision and solution.
The Loop™ SaaS-based gifting solution for retailers easily integrates into their online stores, while providing their customers with a simple and convenient way to overcome the biggest challenges to buying physical products as gifts online. Now customers can give or get the perfect gift, every time. Loop Commerce ensures recipients receive the gifts they really want by removing the need for the purchaser to make guesses about the right size, desired style, or preferred shipping address. For the first time, gift givers can shop online for a physical gift even at the very last minute, select any product from the retailer's inventory and ensure the perfect gift is sent by welcoming the recipient to complete their desired selection, before the item is shipped.
"We are impressed with the Loop Commerce team, approach and technology," said Don Kingsborough, Vice President of Global Strategic Development for PayPal. "Improving the online gift-giving and -receiving experience is of great importance to both retailers and consumers. We believe Loop Commerce represents the next stage in the evolution of the multi-billion dollar gift-card industry, empowering retailers and creating new opportunities through next-generation gifting experiences."
Loop Commerce also announced today that Don Kingsborough will serve as PayPal's observer on Loop Commerce's board. Don was previously founder and CEO of Blackhawk Network, a prominent gift cards and pre-paid payments network, bringing significant industry and retail experience to Loop Commerce.
PayPal's investment in Loop Commerce comes in the middle of the holiday shopping season when, according to the National Retail Federation, gift returns represent 20 to 40 percent of the holiday sales volume. Loop Commerce reduces the burden and costs associated with such high return rates by allowing recipients to effectively exchange the gift before it is shipped. Loop Commerce solves additional key industry problems such as very high online shopping cart abandonment rates and brings value to retailers by driving new business through customer acquisition and creating direct relationships between gift recipients and the retailer.
"We're delighted to welcome PayPal as an investor as they join a stellar list of industry insiders already backing Loop Commerce," said Loop Commerce CEO and co-founder Roy Erez. "Together with PayPal, we plan to further accelerate the capabilities of our platform and the roll-out of the Loop™ solution to retailers."
About Loop Commerce
Loop Commerce was founded in 2012 by Roy Erez and Alex Sirota to simplify gift giving by making everything giftable. Loop Commerce has developed a robust, turnkey, SaaS-based solution that fully integrates with a retailer's store, including payment and order management systems. Loop Commerce allows retailers to make every available product giftable, without buyers having to worry about product specifics, such as size, color, style or delivery preference. This enables retailers to establish direct relationships with recipients, ensuring that the right product is sent to the consumer in the right way, while also introducing cross-sell and up-sell opportunities.
Loop Commerce is an industry-backed company headquartered in Silicon Valley. Loop Commerce's backers include major financial investors and high-profile industry leaders.
Media Contact for Loop Commerce:
Mark de la Vina
Tel: +1 415 282 4795
SOURCE Loop Commerce