Retail company Leap has raised $50 million in a Series B funding round and plans to use the fresh capital to accelerate growth through investments in its platform and store location network, according to a Thursday (Jan. 27) press release.
“The Leap platform enables brands to more rapidly deploy stores that work in concert with eCommerce and at significantly reduced cost and risk,” the release stated. Leap customers can establish “immersive customer experiences and data-driven operations” that can determine “ideal store locations, operations and merchandising” through “millions of data points and proprietary algorithms.”
Leap’s store fleet and total system sales quadrupled in 2021. The company hosts more than 30 brands on its platform, accommodating 50 stores in eight markets, according to the release.
“Modern brands require omnichannel solutions to connect with customers meaningfully and consistently across channels,” said Leap co-Founder and co-CEO Amish Tolia in the release. “Our platform enables brands to activate retail locations with speed and data-driven decisions which minimizes risk, upfront costs and lease liabilities. It’s such an exciting time for retail. … This new capital will enable us to make significant investments into our technology for enabling omnichannel and to scale even more rapidly.”
Leap also works with retail landlords, developers and brokers to help retail markets grow, from neighborhoods to shopping centers. Leap creates “cost efficiencies and sales synergies” by deploying stores in clusters, which lessens the risk for its brand customers and landlord partners, the release stated.
BAM Elevate led Leap’s Series B round, which also saw participation from new and existing investors, including Harbor Spring Capital, Northern Trust, Simon, Costanoa Ventures, Hyde Park Venture Partners and Equal Ventures, according to the release.
In August, Leap said it was slated to open 50 stores by the end of 2021 and another 250 this year. Leap has stores in New York City, Chicago, Los Angeles, San Francisco, Dallas, Austin, Scottsdale and southern Florida.
Read more: Leap Platform Raises $15M to Boost Store Count to 250 by End of 2022
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