Loot Crate, the eCommerce startup for geeks has announced its latest round of funding worth $18.5 Million. The latest Series A round was led by Upfront Ventures. It also saw participation from Time Inc, Breakwater Investment Management, Downey Ventures, Sterling VC and M13.
Founded in 2012, Lot Crate is a subscription based service, which sends a box with 4-6 mystery items to the users every month. The items can be anything from the collection including books, toys, comics. Majority of the products are exclusive to Loot Crate and the basic plan costs $13.95 per month exclusive of $6 for handling and shipping.
It has over 600,000 subscribers and $100 million in annual revenue. Over the last year, it has expanded and included more plans along with getting more themes and partnerships. The company is said to be in talks with Microsoft Studios to build products around Halo.
Speaking on the development, Chris Davis, CEO Loot Crate said that the company is definitely not looking to target the big passionate fan groups, instead they want it become a trend even among the mainstream crowd.
With the raised funding, the company is also eyeing international growth. It currently delivers in over 35 countries and this summer, Loot Crate is looking to start its first over seas office in United Kingdom in a few months time.