Singapore-based influencer marketing platform Affable has raised a S$1 million ($750,000) seed round led by cross-border venture capital firm Decacorn Capital.
The startup also received funding under SGInnovate’s ‘Startup SG Equity Scheme’.
Other investors who participated in the round include Entrepreneur First, Bansea and strategic angel investors including past and present senior executives from Microsoft and Google.
Based on Affable’s announcement, the funds will be used for regional expansion and further developing the platform.
In an email interaction with DEALSTREETASIA, Affable co-founder and CEO Nisarg Shah said, the team started building out the product last Obtober and launched to early partners in February.
“We now have over 15 enterprise customers in Singapore using it [our platform] already. We are looking to expand to Malaysia, Indonesia, Thailand and Hong Kong in the coming month,” he said.
Affable uses artificial intelligence to discover and activate “authentic micro influencers” to help brands and marketing agencies engage relevant influencers and analyse their campaigns.
Decacorn Capital managing director Abhijit Banerjee commented: “Irrespective of their size and stature, brands can promote their product to their target audience, while the social media-hooked generation gets a great chance to become a micro influencer and monetize their influence from their followers.”
According to its website, Decacorn Capital has presence in Singapore, Tel Aviv, New Delhi and London. Its portfolio includes ride-hailing startup Lyft and social media platform Snapchat.
The firm has positioned itself as an early- and mid-stage investor, cutting cheques typically in the region of $500,000. In co-investment rounds with angels and other VCs, it invests in the range of $50,000 to $2 million.