The Acquisition Expands Loop's Membership Base, Product Offerings & Service
SAN FRANCISCO, April 15, 2022 /PRNewswire-PRWeb/ -- Loop.baby, a DVx Ventures portfolio company, announces today that they have joined forces with ottobie. Both companies allow members to rent top-rated toys and baby gear by the month. Loop launched in the Bay Area, CA and recently expanded to New York City. With these expansion moves, Loop will continue to accelerate its growth and transform the $150B+ global baby and toy market by making parenting easier, more affordable and gentler on the planet.
Loop's mission is to create a sharing economy that helps simplify parenting, build community, and reduce the impact of consumerism on the planet. Families who join Loop have unrivaled access to top-rated pre-loved products that are safe and age-appropriate for each stage of a child's development. Loop gives parents the flexibility to try different products and find what's best for their family, all while saving time, space and money.
ottobie shares many of the same goals and offers similar products to Loop along with a selection of furniture. By combining forces, Loop will expand its membership base, product offering and services in their flagship market, the greater San Francisco Bay area. The companies will operate under the Loop brand.
"It's been an incredible first year for Loop. We've shared over 1,500 pre-assembled and pre-loved items with our community and helped them save an inordinate amount of time, space, stress and money," says Henry Vogel, Founder and CEO of Loop. "By our estimation, our members have avoided over 150,000 pounds of packaging and plastic waste from landfills by renting vs. buying items. By joining forces with ottobie to help pursue our shared vision, this really is just the start."
"I started ottobie as the market was clearly missing a solution for new parents. Inspired by my own fatherhood, I launched the brand to simplify the product journey and offer parents more sustainable choices," says John Pien, Founder and CEO of ottobie. "By joining the Loop family, our members will gain access to a broader range of products and services and be a part of the change I think we all want to see for the next generation."
Loop was launched in 2021 in San Francisco with $3 million in seed funding from DVx Ventures. The company's unique offering of convenient, clutter-free and sustainable ways to give babies the best is clearly resonating with families. Loop's membership base has been consistently growing 30% - 50% month over month while the majority of its new members have come from referrals and word of mouth recommendations. Member satisfaction is also incredibly high with NPS scores over 90 and subscriber retention rates over 95%. The acquisition of ottobie and the market expansion into New York and other markets which are planned will only help to continue and accelerate Loop's growth even further.
About Loop
Loop's mission is to create a sharing economy that helps simplify parenting, build community, and reduce the impact of consumerism on the planet. Membership service is currently available in the Bay Area, as well as New York City. Loop helps make sharing easier and enables parents to do what is best for their baby while removing the hassle of buying and then storing or re-selling baby gear and toys. Loop selects, inspects, cleans and monitors for recalls and warranty issues to ensure the highest in quality and safety. Products are hand delivered, fully assembled directly to members doorsteps, eliminating the packaging waste as well as the hassle of assembling new products. When parents and babies no longer need a product or want to swap and try new products, members simply schedule a pick-up and can move on to Loop the next items.
Media Contact
Nicole Daley, Loop, 1 4154088664, [email protected]
SOURCE Loop
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