Everyone likes presents. Be it birthday presents or Christmas gifts, there is nothing like the thrill of opening up wrapped boxes and discovering all the goodies inside. This is the business concept that Loot Crate is banking on. In a Series A funding round led by Upfront Ventures, with participation from Breakwater Investment Management, Time Inc., Downey Ventures, M13, and SterlingVC, the site managed to raise $18.5 million for its expansion and innovation.
For a fixed monthly fee, subscribers can get their hands on exclusive goods and merchandise that Loot Crate prepares and creates. Loot Crate CEO Chris Davis said that their subscribers, whom they call looters, look forward to the contents of the boxes every month. The box usually contains around four to seven items and includes items like t-shirts, figurines, posters, and video games. Loot Crate especially caters to the so-called nerd or geek subculture, with its boxes being themed after anime, movies, comics, and video games such as Tokyo Ghoul, Star Wars, Deadpool, and Mass Effect.
Loot Crate has over 600,000 subscribers worldwide.
