Partipost, a Singapore-based crowd influencer marketing and commerce platform, announced raising $5 million in its extended Series A funding, led by venture capital firm Quest Ventures.
Existing investor SPH Ventures and new investors iGlobe Partners and XA Network also participated in the funding round for the platform.
Currently present in Singapore, Indonesia, Taiwan, Malaysia, and the Philippines, Partipost automates the process of influencer sourcing and campaign management.
It allows brands to run marketing campaign at scale, with speed, and with the right influencers. It is powered by influencers across all tiers, ranging from a few hundred followers to millions of followers.
The fresh capital will be used to accelerate produce and market expansions as the Covid business climate propels the growth of Partipost’s commercial clientele, the startup said.
Additionally, the funds raised will further develop Partipost’s tech platform and accelerate business expansion into Vietnam and strengthen its current operations in markets where it already operates.
“This investment with new and existing institutional and strategic investors reflects the increased mainstream market acceptance and outstanding growth potential of the influencer marketing industry,” according to Partipost.
According to Influencer Marketing Hub, the influencer marketing industry is expected to be worth $13.8 billion in 2021.
“This extended fundraising round will enable Partipost to continue to improve our technology, execute our expansion plans, and double down
on our existing markets. Partipost hopes to be a platform that millions of brands will use and allow everyone to be an influencer in their own authentic way,” said Partipost founder and CEO Jonathan Eg.
Earlier this year, Partipost expanded to Malaysia and the Philippines. It has also recently rolled out two new initiatives – the Nano Ambassador and Mass Campaign Programs, which are better catered to brands focused on achieving brand awareness, sales, and scale.
Through these programs, Partipost is set to run over 10,000 campaigns with over 3,000,000 influencers within the next 18-24 months.