Singapore-based Gushcloud International, a digital talent agency, has raised $11 million in a round led by GDP Ventures for the expansion of its digital celebrity representation business into the US and China, per a recent release.
This is its first round of funding after the Gushcloud cofounders bought back the company from its previous parent, Yello Digital Marketing Global.
South Korea’s KB Investments (KB Financial Holdings), Golden Equator Capital, Korea Investment Partners (via GEC-KIP Fund), and Kejora Ventures along with other individual investors including American entrepreneur and renowned hip hop mogul, Russell Simmons, participated in the fresh round.
The group also made some movements in its senior management to prepare for an aggressive next phase of growth as it looks to expand into China and US markets.
Gushcloud International is one of the early pioneers in the influencer space, originally launching itself as an influencer and brand matching platform. In 2012, it pivoted to become an influencer marketing agency and further evolved into a digital talent agency group focused on building out sustainable revenue streams for top digital talent, influencers, and content creators in 2017.
Most recently, its founders announced the full buyback of shares from Yello Digital Marketing Group, regaining full control of the company.
“The influencer marketing industry is growing exponentially. Beyond that, we see successful case studies of social commerce brands such as Kylie Cosmetics, Huda Beauty, and Ruhnn having that upside when a digital talent builds a social brand,” said Antonny Liem, Partner of GDP Ventures.
“We chose to invest in Gushcloud International because it is an industry leader with a presence in key markets. We also believe in the power of influence these digital talents hold and are excited to see the potential of other revenue streams coming out of this model,” he added.
Gushcloud International currently operates in 10 countries, namely Singapore, USA, China, Indonesia, Thailand, South Korea, Japan, Philippines, Malaysia, and Vietnam.