3D Objects Marketplace Leo AR Raises $3 Million Seed Round
Apple’s launching of ARKit opened floodgates for entrepreneurs, developers, and creators to come up with lots of new and cool immersive apps. One of these is the startup Leo AR founded by Dana Loberg.
Leo AR came about as a result of a few pivots. Leo began its journey as MojiLala that was launched from betaworks. Leo AR is a hassle-free sticker marketplace where artists can upload their stickers and sell them via the platform to end-users who can subsequently use them in various locations.
MojiLala released the app Surreal in 2017 that enabled artists to sell their virtual objects to end users and then lay these over cameras to record fun content. MojiLala is now Leo AR and is currently focused on 3D augmented reality while still sticking to its original focus of providing artists with an easy-to-use platform for their virtual merchandise.
This week, Leo AR announced that it had raised $3 million in a seed round that was led by Great Oaks Ventures. Also participating in the funding round were Dennis Phelps of IVP, Deutsch Telekom, betaworks, Quake Capital, and a number of other angel investors, according to TechCrunch.
Leo AR is available as a freemium app. Users are able to subscribe to some of their favorite artists on the platform. Leo rakes in a 30% cut from the purchases but according to Loberg, her main priority goes beyond revenue generation and focuses on making sure that artists are paid well for their work and are also incentivized to create and sell through the Leo AR platform.
Loberg said that the app is quite popular with children who use it to create videos that contain dinosaurs and dragons in them.
To date, Leo users have created over 18 million videos on the platform. Active users on the app are adding over 85 3D objects to their scenes as well as an average of over 10 minutes in the app whenever they use it.
Leo AR also allows users to distribute their content to other platforms such as Instagram. It also features a feed of some of the best videos to be created in Leo that others can explore.