Leap Announces $50 Million Capital Raise
NEW YORK and CHICAGO, January 27, 2022 /PRNewswire/ — Leap, the retail platform for modern brands, announced its 50 million dollars Series B Funding. The round was led by BAM Elevate with participation from new and existing investors including Harbor Spring Capital, Northern Trust, Simon, Costanoa Ventures, Hyde Park Venture Partners and Equal Ventures. The new capital will be used to accelerate growth through investments in the company’s platform and site network. In 2021, Leap’s store fleet and overall system sales quadrupled, and today more than 30 brands use Leap’s platform to power 50 stores in eight markets.
The Leap platform enables brands to deploy stores that work with e-commerce faster and at significantly lower cost and risk. stores driven by Leap bring modern brands to life with compelling, immersive customer experiences and data-driven operations. By leveraging Leap’s platform, brands can set up beautiful stores, equipped with world-class sales teams and omnichannel technology, all in-house in a fraction of the time compared to the traditional approach. Ideal store locations, operations and merchandising are determined using Leap’s millions of data points and proprietary algorithms.
“Modern brands need omnichannel solutions in order to meaningfully and consistently contact customers across all channels. Our platform enables brands to activate retail locations with speed and data-driven decisions, minimizing risk, upfront costs and lease liabilities,” said Amish Tolia, co-founder and co-CEO at Leap. “It’s such an exciting time for retail. More than 500 brands have registered with us and we’ve barely scratched the surface. This new capital will allow us to make significant investments in our technology to enable omnichannel and scale even faster.”
“Brands can now leverage Leap’s proprietary data, systems and scale to quickly establish or grow a physical omnichannel retail presence, which has never been more important. We are excited that so many world-class brands are choosing to deploy and scale on the Leap platform,” said JP Van Arsdale, BAM Elevate General Partner, who has joined Leap’s Board of Directors. Ben O’Connor, Partner at BAM Elevate added, “As brands seek to overcome rising costs across their supply chain and digital marketing channels, we believe Leap is uniquely positioned to transform the retail landscape.”
Leap’s growth in 2021 brought brands like Naadam, Something Navy, ThirdLove, Mack Weldon, Lunya, Birdies, Ring Concierge and more with the opportunity to shop in NYC, Chicago, Los Angeles, san francisco, Scottsdale, Florida, and Texas, and expanded its category capabilities to include a broader range — from apparel and footwear to accessories, jewelry, lingerie, and homeware.
“Our customers are our greatest asset,” he added Heidi Zak, co-founder and co-CEO of ThirdLove. “By scaling our physical retail channel to Leap, we can continue to focus on designing and manufacturing the best-fitting underwear and athletic apparel for our customers, while Leap provides a premium in-store experience that integrates seamlessly with our website and our shopping channels connects . We are very excited to continue to expand our brand and better engage with our customers with the opening of our first four stores in Germany California in the coming months and look forward to opening many more with Leap.”
In addition to brands, Leap works with retail landlords, developers and brokers to build high-performing retail markets, from local neighborhoods to shopping malls. By using stores in clusters, Leap creates cost efficiencies and sales synergies while mitigating risk for its brand customers and rental partners alike.
Brian Berger, Founder and CEO of Mack Weldon, said: “Leap allows us to showcase the breadth of Mack Weldon Products in a way that complements our digital experience. The in-store experience leads to greater customer loyalty and insights.“
Leap is building the world’s largest network of branded retail stores – powered by data, technology and scale. Leap’s platform enables brands to set up stores that work with e-commerce faster and at significantly lower cost and risk. Brand Stores powered by Leap bring modern brands to life with compelling, immersive customer experiences 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.