Loopit builds mobility management software that enables automakers, dealers and rental car companies to offer vehicle usage models such as car subscriptions and micro-leasing. Its platform is used by customers including Porsche, Subaru, Polestar and SIXT and supports a network of more than 55,000 vehicles. The company has raised $3.95 million in a pre-Series A round to fund expansion into the U.S. market. The round includes existing investors Upswell, Common Sense Ventures and Luxem, plus new backers AeroCorp and RAC venture arm BetterLabs. Co-founder Michael Higgins said consumers are increasingly attracted to vehicle access rather than ownership and that flexible ownership alternatives will become the default. Higgins also highlighted industry shifts from electric and autonomous vehicle technology and said the next significant breakthrough will be transforming the car ownership experience as vehicles incorporate advanced technology. Loopit (Blinker Subscription Pty Ltd) is a Software-as-a-Service platform and professional services company that provides end-to-end car subscription management and billing solutions for automakers, dealerships and startups. Its platform handles both customer-facing touchpoints and the back-office management required to offer car subscriptions. Founded by brothers Michael and Paul Higgins and launched in early 2019, Loopit has expanded into New Zealand (2021) and the United Kingdom (2022). The company currently powers the majority of car subscription providers across Australia and New Zealand and reported a 320% increase in new car subscriptions over the past six months versus the preceding period. Loopit plans to continue developing its proprietary technology while scaling headcount and accelerating revenue growth as it expands globally.

Total raised

$6M

Funding rounds

2

Latest round

Series A

Latest activity

May 2024