LOS ANGELES, CA, Loot Crate, a subscription commerce platform for fans of entertainment and sports franchises, has secured $23 million in funding.
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Loot Crate, the leading subscription commerce platform for passionate fans of entertainment and sports franchises, announced today that it has secured new financing in order to fully refinance its outstanding debt facilities and to provide incremental operating capital for the business.
This financing, led by Atalaya Capital Management LP ("Atalaya") and supported by several new investors (including longstanding commercial partners, NECA and Bioworld Merchandising), will enable Loot Crate to bolster its existing subscription lines and improve the overall customer experience, while also enabling new product launches, growth in new product lines and the establishment of new distribution channels.
"Over the past 6 years, Loot Crate has grown and evolved from a single subscription to offering multiple subscriptions spanning the best of pop culture, sports and gaming, thanks to the continued support of our loyal Looter community, investors and partners," said co-founder and CEO of Loot Crate, Chris Davis. "We provide a unique opportunity for fans to connect with their passions. With this new investment, and these new partnerships, we can focus on what made Loot Crate great and deliver on our vision."
Matthew Spiro, Managing Director at Atalaya, added that: "Loot Crate delivers a unique, curated and high-value experience to pop culture fans around the globe. We are excited to anchor this significant investment in order to accelerate the company's profitable operations and position it for growth. We look forward to working with Chris and his team to better serve Loot Crate's loyal customers, bring them new offerings and build upon the tremendous community the company has built."
"Loot Crate has always been an important partner of ours, and we are pleased to expand our relationship with them," noted Joel Weinshanker, Chief Executive Officer of National Entertainment Collectibles Association (NECA). "Our new joint manufacturing agreement builds upon NECA's position as a leading provider of licensed collectibles and Loot Crate's presence serving the fandom community. This arrangement allows for important economies of scale, improved quality and expanded choices, the benefits of which can be passed on to our valued customers. Additionally, NECA and Loot Crate will be evaluating novel crate offerings to be drawn from NECA's deep stable of intellectual property assets."
"After years of working hand-in-hand with Loot Crate, we are excited to expand our relationship into new retail distribution opportunities, joint marketing efforts and new crate launches," said Raj Malik, Chief Executive Officer of Bioworld Merchandising. "Bioworld has one of the broadest license portfolios in the industry. We pride ourselves on innovation and on creating the right products for fans. This partnership naturally allows us to continue forging that path, building the kind of experience the fans want. We look forward to serving and being part of the Looter community."
Loot Crate was provided strategic and structuring advice by Dendera Advisory LLC and Bryan Cave Leighton and Paiser LLP served as legal counsel.
About Atalaya Capital Management LP
Atalaya is a privately held, SEC-registered, alternative investment advisory firm. Atalaya focuses on making credit and special situation investments in three principal asset classes - specialty finance, real estate and corporate. Founded in 2006, Atalaya is headquartered in New York City and has in excess of $3.5 billion in assets under management.
About Bioworld Merchandising, Inc.
Bioworld is the most trusted partner in the licensing industry - relied on by the world's greatest entertainment brands to create products as distinctive as the brands themselves. Bioworld delivers industry leading design in licensed apparel, bags, headwear, sleepwear and accessories. The company is dedicated to innovation, authenticity, and specializes in brand management, design, sales and distribution.
Headquartered in the U.S., Bioworld has additional offices in Europe, China, India and Canada. This international presence allows Bioworld to be the global leader in pop-culture licensed products for all levels of retail distribution. For more information, visit BioworldCorp.com.
NECA (National Entertainment Collectibles Association) is a leading creator, marketer, and global distributor of licensed consumer products based on some of the world's most recognizable movies, video games, comic books, and pop culture. The NECA group of companies includes game developer and publisher WizKids, urban vinyl icon Kidrobot, and Joseph Enterprises, Inc., the creator of Chia Pet, The Clapper and other iconic American products.
About Loot Crate
Founded in 2012, Loot Crate is a leading subscription commerce platform targeting super fans of entertainment franchises. Loot Crate partners with major studios, game companies, comics publishers, professional sports leagues and personalities in the shared curation of premium and exclusive consumer products in themed mystery boxes, delivered directly to subscribers' doorsteps. Loot Crate was ranked #1 fastest-growing private company by Inc. magazine's Inc. 5000 as well as #1 on Deloitte's Fast 500 list for 2016. For more information and to sign up for a Loot Crate subscription, please visit www.lootcrate.com and for sports subscriptions please see www.sportscrate.com.