Loopio Raises $9 Million

Loopio announced that it has raised $9 million in a Series A round of financing led by OpenView.

According to Loopio, the traditional RFP response process is characterized by dispersed content, ineffective mediums of collaboration, and wasted time on manual and repetitive tasks. With Loopio’s RFP Software, enterprises can streamline collaboration and save time responding to RFPs, RFIs, and security questionnaires. More than 300 organizations, including IBM, Thomson Reuters, Citrix, and Sprinklr, use Loopio’s products.

Loopio plans to use the new funding to expand its team in Toronto, with more than 50 additional hires planned in 2018. Its main growth will take place in the company’s sales and engineering teams.