07.20.20
UNC-affiliated startup The Looma Project receives Carolina Angel Network investment for its point-of-decision video platform that allows consumers to meet the people behind their favorite products.
Cole Johnson, founder of Looma, utilized the UNC entrepreneurship resources and network since his time as a freshman student. From the Launch the Venture course (now Startup UNC) to the CUBE program at the Campus Y, Johnson utilized every opportunity available as an
undergrad Tarheel.
“We want the consumer to be able to walk into the grocery store and see the farmer that grew the spinach, the winemaker who made the wine, and the story of the local coffee roaster.”
When he was a freshman and aspiring entrepreneur at UNC-Chapel Hill, Johnson set a goal to start his own business after graduation. He began his innovation journey when he registered for a class with Randy Myer, a professor of the practice of strategy and entrepreneurship at Kenan-Flagler Business School and managing director of the Carolina Angel Network (CAN). CAN is an investor program that boosts companies like the Looma Project by connecting accredited investors who are alumni or friends of UNC-Chapel Hill to UNC-affiliated startups.
“I first met Cole when he joined the Startup UNC class at Kenan Flagler when Looma was just an idea. It was clear that he had the drive and deep commitment to pursue this idea then,” says Myer.
Johnson was eager to participate in Launch the Venture (now Startup UNC), a new ventures course that helps students, faculty, staff and alumni develop a business idea or scientific innovation into a high-growth company.
“I went to Randy and told him I’m working on a venture and want to be part of Launch the Venture,” says Johnson. “As an undergrad, it was pretty intimidating with everyone else in the course older and further along with their venture. The journey from there to negotiating on the other side of table with Randy… it was fun to bring that full circle.”
Johnson’s idea gained traction through Myer’s course, and he was able to launch the Looma Project out of the Campus Y’s CUBE program, a social innovation incubator that provides socially minded entrepreneurs at Carolina with coaching from seasoned entrepreneurs, co-working space and seed funding for venture development.
As part of the CAN portfolio, The Looma Project not only receives funding but also support from experienced alumni who are members of the network, whether it be through networking, access to business contacts or board member advisors. CAN is the only official angel investor network for startups and ventures associated with the University. And since being founded in November 2016 through April 2020, it’s attracted nearly 200 member investors who have invested $11.9 million in 19 companies, including The Looma Project.
“The value of having access to that network is the sheer number of people who have a vested interest in Looma,” says Johnson. “[They] can serve as a network extension for myself. That’s valuable for someone like me who doesn’t have a big network yet.”
Headquartered in Durham with ten full-time employees, The Looma Project is already making a significant impact for its retail partners, including major grocery retailers Gelson’s Markets, Harris Teeter and Lowes Foods. Its clients include well-known brands such as Josh Cellars, New Belgium, Bogle Vineyards, Carolina Brewery, and Palmetto Sauce Company, along with nearly 100 others. Through the Loop™ platform, the company manages the hardware, software and video content for each of its customers, and can optimize the video based on historical performance data.
Reflecting on lessons learned during his undergrad years at Carolina, Johnson encourages other student entrepreneurs to take risks, learn from those risks and forge their own innovative paths.
“As an undergrad, the actual risk is low and you can live on ramen and you probably don’t have a spouse or kids yet. All the things you’ll learn through that process will be incredibly valuable: the value of giving something your best shot, building your network and talking to customers to build something that solves a real problem,” says Johnson. “The actual risk is a lot lower than the perceived risk. The point at which I said ‘this was worth it’ was way sooner than I would have guessed.”
Although the company primarily works with the beer and wine industry, it is looking to the future of digital advertising by expanding its platform to other industries including produce, dairy, healthy snacks, meat and seafood.
For more information about the Looma Project, visit its website.
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