Looppanel Raises $1 Million In Pre-seed Round The funding raised by Looppanel will be used to grow the team as the startup adds new capabilities to the product and expand presence in US and European markets
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Looppanel, a company which provides transcripts and shareable video clips from Zoom-based user interviews in minutes, successfully raised a fund of $1 million in pre-seed round of funding. The funding round was led by Speciale Invest. Further, the company will also be receiving additional funding from First Cheque, angel investors and a grant from Sequoia Capital India as part of the Sequoia Spark program.
Co-founders Kritika Oberoi and Akash Tandon set up Looppanel in February 2021 while searching for ideas to ease the process of running hundreds of user interviews at their previous startup Atlan. They said the process was very slow and painful and Looppanel provides a solution to overcome that.
"We realized there was a big challenge for anyone building digital products today—in the age of Canva and Miro, if users don't see the value of a product immediately they'll take their business elsewhere. But how do you build a product users value and love when it's so hard to run interviews & test your prototypes with them?" Oberoi, who acts as the CEO for Looppanel said.
The funding raised by Looppanel will be used to grow their team as they add new capabilities to their product and expand their presence in US & European markets.
On the investment, Vishesh Rajaram, Managing Partner, Speciale Invest, said, "Product Led Growth (PLG) engines have put product distribution on steroids and led to a proliferation of tools (created over $200 Bn in market value). A critical element to PLG is understanding users—and Looppanel is the answer to powering user research and making user-centric product decisions."
