$6 million was raised in seed funding by Loop, a SaaS company situated in San Francisco, California that helps restaurants optimize the profitability of their third-party delivery services.
Base10 Partners led the round, with Afore Capital participating.
The company plans to spend the money in its portfolio of solutions to meet the intricate back office requirements of restaurants and use the proceeds to accelerate growth.
CEO Anand Tumuluru leads Loop, a company that offers an AI-powered back office platform for restaurants. Loop has already reconciled over $100 million worth of restaurant transactions and serves thousands of locations for brands like Dave’s Hot Chicken, Freddy’s Frozen Custards, Mo’Bettahs (Savory Fund Portfolio), and Mooyah (Gala Group).
The platform addresses key pain points like bookkeeping and financial reconciliation, sales tax and franchise fee liability, real-time store availability management, and marketing optimization.
About loop:
Loop operates a global reverse supply chain – collecting used packaging from consumers and retailers, enabling deposit return, sorting and storing, and finally returning hygienically cleaned packaging to manufacturers for refill.Using proprietary, revolutionary technology, Loop Industries takes waste PET plastic and polyester fiber — which cannot be conventionally recycled — and turns them into high value materials. In the process, we’re making the dream of a sustainable, circular economy more of a reality every day.
