Lost something? Drake-backed Boomerang raises $4.9M in seed funding to help you get it back

By Nancy Dahlberg

Americans spend about $5 billion annually to replace lost items, many of which are left behind at businesses such as airports, stadiums, concert venues, theme parks, hotels and gyms.  Miami-based Boomerang is on a mission to help businesses of all types reunite their customers with their possessions.

Today, Boomerang announced that it has raised a $4.9 million seed round led by New York-based LightShed Ventures. GGV, GoldHouse, Harlo Capital, Dream Ventures, LeAd, SeventySix Capital and a number of celebrities also participated in the round, which brings Boomerang’s total funding raised to $7.7 million, including its pre-seed round in 2022.

“This round is to scale the growth. We’re entering new markets, we’re powering theme parks and a bunch of hotels and stadiums and airports but we want to build out our sales force. We’ve got to go get them all,” says Skyler Logsdon, CEO and co-founder of Boomerang, in an interview with Refresh Miami. ”With our pre-seed round, we proved that these verticals want our product and the value is real for them. The next step is scaling up the team, scaling up the platform and capturing market share faster.”

This mission has also attracted significant star power to Boomerang’s cap table, 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. How? Logsdon lived in Los Angeles for eight years, “and I think one of my better qualities is I know awesome people,” he says, and his investors also see the value of solving this universal problem. “Everyone has lost something.”

Logsdon, Philip Inghelbrecht, and Augustine Diep-Tran founded Boomerang in November 2021 to solve the challenge of lost & found by helping businesses to efficiently and effectively get items back to their customers. They have solved big problems before: Collectively, they have had careers as founders or executives at Shazam, acquired by Apple, the publicly traded TrueCar, Tatari and YourMechanic.

 “One of the biggest frustrations when losing something is the severe fragmentation of where your item may be,” Logsdon says. With Boomerang’s solution, the businesses and organizations that use Boomerang’s platform have real-time visibility into the misplaced items found at their locations and customers’ lost item claims. Boomerang’s technology quickly matches found inventory to lost item claims and communicates the claim status with the customer, delivering a secure and seamless experience. And businesses know a happy customer is often a repeat customer.

Logsdon moved to Miami in early 2022 after meeting with Mayor Francis Suarez during Art Basel and hearing his tech vision for the city. “I’ve never had the government want to support and  welcome you with open arms. It was a very easy decision for me to pick up and move Boomerang here,” Logsdon said at the time. He says he still loves it here and hopes he can hire team members here.

Boomerang is up to 15 people now, including contractors. The startup recently added a VP of engineering with an extensive  background in marketplaces who is building tech to match items with owners faster, leveraging AI, and scaling his team. Boomerang is seeking to hire a senior backend engineer, frontend engineer, a product manager, sales and other roles across departments, Logsdon said.

Since raising a pre-seed round in May 2022, Boomerang has attracted customers such as Universal Studios, Cleveland Browns Stadium, Tennessee Titans’ Nissan Stadium, the Atlanta Hawks’ State Farm Arena, Margaritaville Resort, Encore Resort at the Reunion, The Dalmar, Savannah / Hilton Head International Airport, Syracuse Hancock International Airport, and others. But as Logsdon says, that is just a tiny sliver of the business opportunity.  

Xavier Parkmond of LightShed Ventures says Boomerang turns item recovery into a magical experience.

“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. Boomerang represents the future of technology to help people recover what matters most,” Parkmond says. “The Boomerang founders have the experience, prowess, and strategic timing to revolutionize this often overlooked market.”

Boomerang’s core team.

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Nancy Dahlberg