i2E participates in $1.5 million financing round in WeGoLook with $249,000 follow-on investment
Oklahoma City-based WeGoLook provides crowdsourced field inspection and verification services for individual and enterprise clients by dispatching an on-demand network of more than 20,000 “Lookers” to capture key information about assets or perform custom tasks via its web and mobile platform.
Contact: Sarah Seagraves,
Senior VP for Marketing
or email sseagraves@i2E.org
OKLAHOMA CITY, OK — i2E, Inc., recently closed on a $249,000 follow-on investment in WeGoLook, LLC, that is part of a $1.5 million total financing round in the rapidly growing Oklahoma City-based company.
WeGoLook pioneered the concept of crowdsourced, onsite verifications and inspection services for buyers of online and distant items such as automobiles, real estate, and high value goods. Today, the Company is a leading provider of on-demand field inspection and verification services for industry leading customers spanning insurance, automotive, banking and heavy equipment industries.
The financing round includes $149,500 each from the i2E-managed Oklahoma Seed Capital Fund and the Accelerate Oklahoma! Fund, as well as $191,636 from the i2E-managed SeedStep Angels. Other financing sources in the round included $410,364 from existing stakeholders and a $600,000 bank line of credit to support the company’s rapid expansion.
Since January 2015 WeGoLook has increased revenue by more than 450 percent, added over 50 new staff and expanded its “Looker” community to more than 20,000 agents across the US, Canada, Australia and UK.
“We will use this financing round to support existing nationwide enterprise customer rollouts, enhance our platform logistics, and continue scaling up operations,” said Robin Smith, WeGoLook CEO. “We have several exciting partnerships that will launch in the fourth quarter of this year that span business-to-business and consumer segments. Our strong partner and affiliate relationships are poised to accelerate growth even further. It’s an exciting time at our company and we’re not slowing down.”
The company is rapidly scaling and improving operations in anticipation of a mid-2016 financing focused on continued growth and international expansion opportunities with some of its largest existing customers.
The current financing follows on a $1.85 million Series A equity investment in WeGoLook in October 2014, which included $650,000 from i2E and $400,000 from the SeedStep Angels.
“WeGoLook is proud to call Oklahoma home,” Smith said. “From the quality of life and low cost of living we enjoy, to startup investment and other tech resources from groups like i2E, this is an ideal place to start and grow an innovative company. And I think we’ve hit a tipping point; a number of companies, like us, have been working hard for years but are now experiencing significant market traction and have begun to scale.”
As a part of the federal States Small Business Credit Initiative (SSBCI), i2E’s U.S. Treasury-funded Accelerate Oklahoma! initiative offers funds that provide critical capital and co-investment for Oklahoma entrepreneurs at specific stages of their companies’ lifecycles. Investment terms are typically convertible debt or preferred equity and involve a rigorous due diligence process. The Accelerate Oklahoma! Program is designed to:
- invest in innovative startup companies that promise sustained revenue and increased employment;
- accelerate emerging growth businesses that show potential for bringing new products to market and increasing private capital investment in Oklahoma; and
- fund later stage companies that need capital to position them for expansion at the time of commitment
The SeedStep Angels group was founded by i2E in 2009 and is now the state’s largest angel investment group with more than 50 members and chapters in Oklahoma City, Tulsa, Ardmore and Muskogee.
The Oklahoma Seed Capital Fund is a state-appropriated investment fund through the Oklahoma Center for the Advancement of Science and Technology.
About WeGoLook, LLC
Founded in 2010, Oklahoma City-based WeGoLook is pioneering on-demand field inspection and verification services. With its web and mobile platform, the company empowers a 20,000+ mobile workforce, known as Lookers, to collect and verify information and fulfill custom tasks for businesses and consumers alike.
From verifying asset condition and working demonstrations to notarizing documents, WeGoLook has agents nearby that can complete assignments at a moment’s notice.
Customers can select from predefined or custom inspection templates. Upon order placement, the WeGoLook platform goes to work finding and assigning qualified Lookers near the inspection site. WeGoLook provides a seamless customer experience, managing all communication, scheduling and logistics. When inspections are complete, reports are delivered via email or electronic API and can be accessed online or downloaded in PDF form, along with photos. http://wegolook.com
About i2E, Inc.: With offices in Oklahoma City and Tulsa, OK, i2E’s nationally recognized services include business expertise and funding for Oklahoma’s emerging small businesses. i2E has more than $40 million of investment capital under management. www.i2E.org