Retail platform secures funding to grow to profitability
NEW YORK and CHICAGO, June 21, 2023 /PRNewswire/ -- Leap, the retail platform for modern brands, announced a $15 million infusion of capital. This fundraise was co-led by existing investors BAM Elevate and Costanoa Ventures with participation from Equal Ventures, Hyde Park Ventures and additional investors. This funding will enable the company to drive growth with existing and new brands, enhance platform capabilities and accelerate the company's path to profitability.
The Leap platform – which launches and operates insight-driven retail stores — has more than doubled its network size and revenue since the platform's Series B financing in January 2022. Today, more than 50 brands utilize the Leap Platform to power over 100 stores across 11 markets. Brands such as Frankies Bikinis, M.M.LaFleur, Public Rec and SET continue to expand their store count on the Leap platform, while Brumate, Nisolo. and True Classic recently opened their first stores with Leap. Leap will continue to focus its investments in building location density in active markets, resulting in impactful scale and efficiencies for brands who leverage the platform.
"Now more than ever, brands want immersive retail stores to connect with high value customers directly," said Amish Tolia, co-founder and CEO at Leap. "As Leap grows, our first-party data and operational efficiencies compound, resulting in advantages for both brands and landlords that the traditional in-house retail model simply can't offer."
"The Leap platform makes sense for us at this stage in our growth," said Zach Goldstein, Founder and CEO of Public Rec. "We continue to scale our eCommerce business, and turned to Leap to launch and operate our retail fleet. Now, our Leap-powered stores help us acquire thousands of high value customers each month."
About Leap
Leap is building the world's largest network of branded retail stores – powered by data, technology, and scale. Leap's platform enables brands to deploy stores that work in concert with ecommerce more rapidly at reduced cost and risk. Brand stores powered by Leap bring modern brands to life with compelling, immersive customer experience and operations driven and informed by millions of data points.
Learn more about Leap's platform, and brand stores powered by Leap, at http://leapinc.com.
SOURCE Leap
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