New York Based Leap, The Retail Platform For Modern Brands Raises USD 50 Million Dollars in Series B Funding

Leap, the retail platform for modern brands, announced the close of a USD 50 million Series B fundraising round. BAM Elevate led the round, which included new and current investors such as Harbor Spring Capital, Northern Trust, Simon, Costanoa Ventures, Hyde Park Venture Partners, and Equal Ventures. 

The additional funding will be utilised to accelerate the company's growth by investing in its platform and store location network. By 2021, Leap's store fleet and total system sales will have doubled, and the company's platform will power more than 30 brands in 50 locations across eight regions.

The Leap Platform enables businesses to swiftly establish storefronts that function in tandem with ecommerce at a substantially lower cost and risk than previously possible. Leap's millions of data points and unique algorithms are used to establish the optimal store placements, operations, and merchandising.

According to Amish Tolia, co-founder and co-CEO of Leap, modern companies demand omnichannel solutions to interact meaningfully and consistently with customers across channels. Leap as a platform enables businesses to activate retail sites quickly and based on data, minimising risk, upfront expenses, and leasing obligations. 

Additionally, he stated that this is an exciting time for retail. Over 500 brands have registered with LEAP, and he believes they have only touched the surface. This additional cash will enable Leap to make major improvements in its technology, enabling omnichannel commerce and enabling the company to expand even faster.