Wireless Venture LocaLoop Is Raising $750k For Growth

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Screen Shot 2016-09-01 at 11.51.40 AMSt. Louis Park headquartered LocaLoop is out to raise $750k in equity with ~$550k already sold, according to this SEC disclosure.

Led by Swedish immigrant, Founder/CEO Carl Johan Torarp,  LocaLoop provides an integrated 4G+ broadband internet business solution for data communication throughout rural geographies.

“European countries have known for some time what the US is beginning to realize: that fiber to the home is not the answer in low density (rural) markets, it’s fiber to the tower. In order to cope with the tremendous demand for capacity that is required we have invented a patented technology using cloud services that eliminates core network, onsite software and Network Operation Center (NOC).”

This means that LocaLoop customers can effectively build and deploy towers in less-densely populated areas and become an ISP, while the whole system and its business  of delivering broadband Internet service can be managed from anywhere using LocaLoop’s cloud based application. It was invented to close the broadband Internet gap in rural markets of the world in a fast and profitable way.

He says there are paying customers from 22 different states, though declined to say exactly how many that represents; the disclosure says $1m-$5m in revenue, which Torarp colored with “We’ve doubled revenue year over year since sales began 2014 with projections to continue that again in 2017.”

The venture has 4 unique patents, raised about $5m to date, has 15 FTE, is profitable, and seeking the capitalization to accelerate growth.

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