Loopio has announced that it raised a $9 million USD Series A funding round.
The Toronto-based company’s funding round was led by OpenView, an expansion stage venture firm. Loopio will use the new influx to fuel their growth through accelerated product development and an expanded team.
“Since we started Loopio in 2014, our mission has been to empower our team and our customers to focus on the things that matter,” said Zakir Hemraj, Loopio co-founder and CEO. “It has been an incredible journey so far, and we’re very excited to drive this momentum forward by partnering with OpenView. This round of funding will allow us to accelerate our product development and continue delivering a world-class experience for our customers.”
Currently, Loopio has around 50 employees and they plan to use the new funding to double that total with over 50 new hires by the end of 2018. The main growth will come in the sales and engineering teams.
“OpenView is thrilled to partner with Loopio as they head into this next phase of growth,” said Ricky Pelletier, a partner at OpenView. “Zak, Jafar, Matt, and the entire team have bootstrapped a truly exceptional business and cutting-edge product relied upon by a customer roster that spans Fortune 500 enterprises to some of the best and most well-known startups. There are big things ahead for Loopio and we are ecstatic to be a part of the team.”
Pelletier will also join Loopio’s board of directors.
Loopio is a response solution platform that helps companies streamline the process of dealing with requests for proposals, requests for information and security questionnaires. Founded in 2014, deals with sales, proposal and security teams at some of the biggest enterprises in the world like Thomson Reuters, IBM, Citrix and more.
Early this year, Loopio was recognized as one of Canada’s best software tech companies by G2 Crowd based on their user, role & access management as well as their API & integrations features.