The round is led by Upfront Ventures, with participation from Breakwater Investment Management, Time Inc., Downey Ventures, M13, and Sterling.VC. As part of the round Upfront Ventures Partner Greg Bettinelli will join their board of directors. According to a company statement, since Loot Crate launched in 2012 with a $25,000 seed round, their revenues have grown to more than $100 million annually. Their offerings currently reach subscribers in more than 35 countries, including the UK where the company plans to open secondary offices this summer. With an extended runway, Loot Crate plans to use the latest round to rapidly accelerate growth, enhance the quality and production of their product offerings, and expand their global partnership network. Along with the new round of funding, the company also announced a partnership with Microsoft in an effort to promote the Halo franchise.
