Loopio raises $11 million to help enterprises streamline the RFP process | #VentureCanvas

Jessica Galang | Beta Kit


Toronto-based Loopio has raised $11 million CAD from Boston-based OpenView, an expansion stage VC fund.

Loopio wants to use the funding to accelerate product development and expand its team. Targeted to enterprises, the platform streamlines their responses to requests for proposals (RFPs), requests for information, and security questionnaires. Company content is aggregated to a centralized library for easy access, while subject matter experts and team members can collaborate on documents.

The company currently counts over 300 organizations as customers, including IBM and Thomson Reuters.

“Since we started Loopio in 2014, our mission has been to empower our team and our customers to focus on the things that matter,” said Zakir Hemraj, Loopio’s CEO and co-founder. “It has been an incredible journey so far, and we’re thrilled to drive this momentum forward by partnering with OpenView.This round of funding will allow us to accelerate our product development and continue delivering a world-class experience for our customers.”

The company currently counts over 300 organizations as customers, including IBM, Thomson Reuters, Citrix, and Sprinklr. Loopio wants to add 50 people to its 50-person in Toronto in 2015 with a focus on sales and engineering teams.

“OpenView is thrilled to partner with Loopio as they head into this next phase of growth,” said Ricky Pelletier, partner at OpenView. Pelletier will join Loopio’s board of directors. “Zak, Jafar, Matt, and the entire team have bootstrapped a truly exceptional business and cutting-edge product relied upon by a customer roster that spans Fortune 500 enterprises to some of the best and most well-known startups. There are big things ahead for Loopio and we are ecstatic to be a part of the team.”

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Source: Loopio raises $11 million to help enterprises streamline the RFP process