WPP invests in US-based start-up LOOM Media

WPP’s global out-of-home media and experimental market division, tenthavenue, is investing in US-based start-up company LOOM Media, which specialises in creating opportunities for brands to sponsor urban innovation.

The FTSE 100 advertising agency said the investment continues its strategy of diversifying and developing new channels to connect clients and consumers, such as out-of-home media and experiential marketing.

Based in New York, LOOM is managed by founder and chief executive officer Jonathan Schulhof, who brings his experience as founder of urban bicycle sharing company Motivate to the new venture. At Motivate, he arranged for the turnaround and expansion of "Citi Bike" in New York, and assembled a team to build large-scale, brand-led, bicycle sharing programs across North America. Motivate now has over 65% market share in US bike share.

Through sponsorship and marketing programs, LOOM will assist with the economic development of "Smart Cities" and other civic innovations. It will work with cities to provide access to brands seeking creative ways to reach and engage communities in five key areas: community spaces, health and wellness, sustainability, travel and transportation.

At 1525 BST, WPP shares were up 0.3% to 1,550p.