Edinburgh-based ethical video platform, Good-Loop, has closed a $1.6 million seed funding round.
Investors in the round include You and Mr Jones, New York-based investment firm Quaestus Capital Management, SIS Ventures, MarTech angel group, Galvanise Capital, and the Scottish Investment Bank – the investment arm of Scottish Enterprise.
This fresh round of funding will be used to expand the company’s teams in the US and Europe and further drive social good.
Amy Williams, co-founder and chief executive of Good-Loop, commented: “This round of funding will help Good-Loop to further our mission of connecting people, brands and good causes around the world.
“Bringing You and Mr Jones and our other investors into the business at this stage will add a huge amount of value above and beyond cash as we prepare to scale up our operations.
“With industry luminaries like David Jones supporting us, we’ll be well-positioned to deliver innovative marketing technology, industry-leading social insight and truly impactful brand purpose.”
Good-Loop’s platform works by helping companies to tap into programmatic technology that help them achieve brand purpose at scale and deliver on their social good commitments. The firm’s proprietary platform rewards viewers of online video ads by donating on their behalf to a chosen charity.
This means that every view, swipe and click is converted into funding for charities, with half of the media spend going to important causes whilst boosting video performance and increasing recall by up to 45%.
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The Scottish firm’s client base includes Amazon, Unilever, Coca-Cola and Nestlé, and has to date raised more than £500,000 for charities globally. The firm is on track to hit its 2021 goal of raising £2m.
The company intends to raise a Series A round in Q1 2021 which will be used to fund the US expansion – the US accounts for 30% of the global ad market currently.
Kerry Sharp, director, Scottish Investment Bank, said: “Good-Loop is the latest great example of an idea rooted in Scotland being embraced across the globe.
“The mission and values of this Edinburgh-based business, centred on being a positive force, aligns with Scottish Enterprise and the Scottish Investment Bank’s aims of building a better, fairer future for all.
“We’re excited to see how Good-Loop continues to grow with the support of You & Mr Jones and the rest of our investment partners.”