Leap has gotten a cash infusion to fuel future growth.
The company, which opens and operates brick-and-mortar stores for primarily digital brands, has received another $15 million in capital from existing investors, BAM Elevate and Costanoa Ventures, as well as Equal Ventures, Hyde Park Ventures and others.
The investment will be used to drive growth from existing brands, work with new ones and enhance the operations of its platform.
Leap’s platform has more than doubled its size and sales since it received $50 million in series B financing in January 2022. Today, it works with more than 50 brands to operate 100 stores in 11 cities around the U.S. including Frankies Bikinis, M.M. La Fleur, Public Rec, True Classic and others.
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“Now more than ever, brands want immersive retail stores to connect with high value customers directly,” said Amish Tolia, cofounder and chief executive officer of Leap. “As Leap grows, our first-party data and operational efficiencies compound, resulting in advantages for both brands and landlords that the traditional in-house retail model simply can’t offer.”
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“The Leap platform makes sense for us at this stage in our growth,” said Zach Goldstein, founder and CEO of Public Rec. “We continue to scale our e-commerce business, and turned to Leap to launch and operate our retail fleet. Now, our Leap-powered stores help us acquire thousands of high value customers each month.”
At the same time, Leap said it is also expanding its partnering with the Simon Property Group to secure real estate opportunities and preferential terms for its clients in the developer’s malls around the U.S. The partnership was revealed last November when four Leap-operated stores opened at Simon malls in L.A. and Boca Raton, Florida. Simon operates or owns more than 250 shopping centers in the U.S.