IU Ventures invests in retail platform from IU alumni
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The venture capital arm of Indiana University is investing in a New York-based company founded by two alumni of the IU Kelley School of Business. The investment by IU Ventures is part of a $15 million Series C funding round for Leap, which has developed an omnichannel platform for retail stores.
The Leap platform is designed to help brands streamline the shopping process across retail, mobile and online channels while also promoting their products.
Leap was co-founded by Amish Tolia and Jared Golden, who said they created the platform after running into problems trying to utilize an omnichannel model for their previous company.
“We realized we weren’t the only brand that had this challenge, so we thought there has to be a better way – a way to reduce retail’s barriers to entry with a platform and data at the forefront to ensure we were making the best possible decisions,” Tolia said in a news release.
IU Ventures said the funding round will help accelerate Leap’s mission. The company completed a Series B funding round in January 2022 and has since doubled its network of brands and revenue.
Leap currently has more than 50 brands using its platform to power 100 stores in 11 markets, IU Ventures said.
“We are proud to invest in this financing round with such strong IU DNA,” IU Ventures Chief Venture Officer Jason Whitney said. “Amish and Jared’s entrepreneurial journey and partnership, marked by their initial days at IU, is inspiring and the exact type of team and entrepreneurial nature we love to invest in at IU Ventures.”
IU Ventures invests in and supports early-stage companies that are affiliated with Indiana University.