Toronto-based Loopio, a provider of request-for-proposal response software, has secured a $200 million investment from Sumeru Equity Partners. Founded in 2014, Loopio in 2018 closed a $9 million Series A financing with OpenView, which remains an investor.
PRESS RELEASE
TORONTO (PRWEB) APRIL 08, 2021
Loopio, the leader in Request for Proposal (RFP) response software, announced today that it received a strategic investment of $200 million (USD) from Sumeru Equity Partners (SEP) and Affiliates, a technology investment firm that provides growth capital and operating expertise to enterprise technology companies.
Loopio’s platform is used by 1,000+ world-leading companies to streamline their RFP response process, improve sales efficiency, and unlock growth opportunities. This partnership with SEP allows Loopio to continue evolving its RFP response technology and better support sales and proposal teams worldwide.
“This investment comes on the heels of Loopio’s remarkable growth over the past few years—which wouldn’t have been possible without the incredible work of our talented team and passionate customers,” says Zak Hemraj, CEO and Co-Founder of Loopio. “Their focus on solving important problems that affect nearly every high-growth organization is what has made us the leader in RFP software. We’re excited to partner with SEP to continue empowering our Loopers to serve our customers and grow our market presence.”
“The Loopio platform delivers tremendous value, speeding up the sales response process and increasing win rates, both of which drive revenue growth for customers,” say Jason Babcoke and John Brennan, Managing Directors at SEP, in a joint statement. “On top of this strong value proposition, Zak, Matt, and the Loopio team are building an exciting category-defining company, and we are honored they chose SEP as their business partner for the next phase of growth. We couldn’t be more excited about the market, the technology platform, and the opportunities ahead for Loopio.”
Loopio was founded in 2014 by Zak Hemraj (CEO), Matt York (CTO), and Jafar Owainati (former CRO). In 2018, the company raised its first (and only) funding round of $9 million (USD) with OpenView. Loopio will use its new capital from SEP to accelerate product development, customer acquisition, and hiring.
1) Enhancing RFP Response Automation
Loopio’s focus on designing a robust platform for responding to RFPs, Security Questionnaires, and Due Diligence Questionnaires has made it a leading solution for sales and proposal teams.
“Loopio’s blend of powerful content management and intelligent automation allows our customers to level up how they manage response projects across teams,” says Matt York, CTO and Co-Founder at Loopio. “We’re excited to use this investment to further develop our product insights, machine learning-powered automation tools, and collaboration features.”
2) Accelerating Market Presence and Growth
Loopio’s platform has been adopted by organizations across many industries, including brands like DocuSign, Siemens, and McGraw Hill. It ranked twice as one of the fastest-growing companies on the Deloitte Technology Fast 50™ list and The Globe & Mail’s list of Canada’s Top Growing Companies.
Loopio will continue to expand its market presence by accelerating growth among enterprise companies, furthering international expansion, and serving new industries. Initiatives for deepening relationships with technology and sales partners are also on the roadmap.
“Our market is growing quickly, and it has a lot of untapped potential,” says Rick Smolen, Senior Vice President of Sales at Loopio. “So many companies have yet to adopt revolutionary solutions like Loopio to streamline the proposal-writing process. I’m excited to grow our sales and customer experience teams so we can serve new markets.”
3) Building a World-Class Company & Culture
Loopio’s strong position in the market would not be possible without its corporate culture, which promotes employee engagement, growth, and support. “Our mission has always been to build a great company for people to work at first,” says Hemraj. “If you create an environment where employees are empowered to do their best work and serve your customers extremely well, then becoming a high-growth, market-leading company is inevitable.”
Loopio has also won numerous workplace culture awards, including being named one of Canada’s Most Admired Corporate Cultures™ and twice named one of LinkedIn Canada’s Top Startups in Canada.
By the end of 2021, Loopio plans to expand its employee base from 165 to more than 200 people. Hiring efforts will be focused on recruiting talent not only in the areas surrounding Loopio’s Toronto headquarters, but in regions across North America as well. To do this, the company will double down on building an exceptional remote-first workplace.
To learn more about Loopio and current career opportunities, visit https://loopio.com
About Loopio:
Loopio is a Toronto-based software provider that helps companies streamline their response process for RFPs, DDQs, and Security Questionnaires. With Loopio, teams can respond faster, improve response quality, and win more business. Loopio is one of Canada’s fastest-growing tech startups. It ranked twice as one of the fastest-growing companies on the Deloitte Technology Fast 50™ list and was selected twice as one of LinkedIn’s Top Startups in Canada.
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