TRONDHEIM, Norway, March 3, 2022 /PRNewswire/ -- Loopfront AS, a circular economy focused, cloud based IT-start up focused on solving the global environmental challenges real estate and construction sectors have with circularity, provides a business update following the Company's USD 6 million Seed financing round in December 2021.
The Seed financing round was led by ProVenture, with Wiski Capital and Aidiom participating. Since the capital increase, the Loopfront team has experienced increased demand for its circular platform tool.
With over 35 large commercial real estate owners, medical hospitals, educational institutions and central and local governments across Norway, Sweden and Germany being active users of the platform, Loopfront has experienced a 300% increase in users since December 2021.
Having also launched the new version of the platform, Loopfront has been selected as a supplier for Swedish-based Adda AB, which supports over 1000 organisations, municipalities and regions looking to procure a Circular Management System. Now that the agreement has been signed, Loopfront has the potential to become the market leader in Sweden and achieve rapid growth of new customers.
The Loopfront team also expanded their business model, selling subscriptions to companies who wish to use Loopfront data to provide improved circular services to their customers.
"The financing round set us up for future growth, and since December, the demand for our platform has increased significantly. This has enabled us to welcome two senior hires, Taru Holm as Chief Commercial Officer and Håkon Groven as Chief Technical Officer. Both are joining the company at an exciting time, and we are delighted to have them on board. As a result, we are now well equipped to continue our growth journey and to become the leading European digital platform for reuse and contribute to the success of the new EU Circular Action Plan," said Michael Anthony Curtis, Founder and CEO of Loopfront.
Loopfront - Advantages for building owners and tenants:
Building owners and tenants use Loopfront to easily register furniture, fixtures, equipment, and materials in existing buildings and premises planned for rehabilitation or demolishing, seeing savings instantly.
Logistical processes including demounting, storage, transport and other circular activities can be planned in cooperation with service providers.
Materials can be reserved for reuse internally or sold.
All circular activities can be followed live in reports gathered which show how much building waste, carbon emissions, circularity in accordance with EU requirements, as well as economic savings.
Loopfront AS (loopfront.com) provides a circular management platform, which enables business and government to reuse building materials, fixtures and furniture. The company was founded in 2018, and has offices in Norway, Sweden and Germany. More info: www.loopfront.com