SeventySix Capital Invests in Boomerang’s $4.9M Funding Round
Drake, LightShed, athletes and music celebrities invest in Lost & Found platform as company scales its item recovery platform
MIAMI – Jan 25, 2024 – Miami-based Boomerang, the leading Lost & Found platform, today announced it has secured $4.9 million in a new funding round, led by New York-based firm LightShed Ventures, with additional participation from GGV, GoldHouse, Harlo Capital, Dream Ventures, Lake Nona Fund, SeventySix Capital, amongst others. This new round brings Boomerang’s total funding raised to $7.7 million.
Boomerang has also attracted backing from high-profile individual investors, including superstar musicians Drake and Green Day’s Mike Dirnt; football greats Baltimore Ravens wide receiver Odell Beckham, Jacksonville Jaguars wide receiver Christian Kirk, and Green Bay Packers defensive end Kenny Clark; and Equinox founder Lavinia Errico.
“The new round of funding will fuel Boomerang’s growth and investment in its team and platform. We’re growing fast, and this investment will help us scale to the demand,” said Skyler Logsdon, co-founder of Boomerang.
““Boomerang will transform the sports and entertainment industry by reuniting fans with their lost items,” said Wayne Kimmel, Managing Partner of SeventySix Capital. “Our team is excited to be an investor and work alongside Skyler Logsdon and his team.””
“The pervasive frustration of losing something and never seeing it again is an experience that is way too common not to have a great solution for today,” said Xavier Parkmond of LightShed Ventures. “Boomerang’s comprehensive platform solves this bothersome problem with sophisticated and cutting-edge technology, turning item recovery into a magical experience. Boomerang represents the future of technology to help people recover what matters most. The Boomerang founders have the experience, prowess, and strategic timing to revolutionize this often overlooked market.”
Logsdon, Philip Inghelbrecht, and Augustine Diep-Tran founded Boomerang in November 2021 to solve the challenge of Lost & Found. It’s a costly problem; U.S. consumers spend $5B annually replacing lost items. The overwhelming majority of these lost items are lost at businesses. “To solve Lost & Found, we must first help businesses – they need our help to efficiently and effectively get items back to their customers,” emphasized Logsdon.
Boomerang’s impressive roster of customers on the Boomerang Network includes Universal Studios, Cleveland Browns Stadium, Nissan Stadium, State Farm Arena, Margaritaville Resort, Encore Resort at the Reunion, The Dalmar, Savannah / Hilton Head International Airport, Syracuse Hancock International Airport, and many more.
“I’m grateful for all the great companies who have joined the Boomerang Network to solve the Lost & Found challenge with us,” said Logsdon. “One of the biggest frustrations when losing something is the severe fragmentation of where your item may be. By consolidating all found inventory onto the Boomerang platform, every business can join us in solving the consumer fragmentation problem, allowing for a seamless recovery experience on Boomerang, the leading Lost & Found platform.”