SPH Ventures, the corporate venture arm of Singapore Press Holdings (SPH), has joined a $3-million investment in a seed funding round in influence.co, a US-based platform for the global influencer marketing community, according to an announcement.
The seed round was led by Bonfire Ventures with participation from ACT Capital Partners, Alumni Ventures Group and Next 10 Ventures.
influence.co said that it will use this round of funding to scale its community and launch a media division focused on the influencer and creator lifestyle.
Launched in 2016 by Ryan Angilly, Niel Robertson and Jeff Smith, influence.co connects everyone in the influencer economy through content, community-building and collaborative commerce.
The company claims that it has over 175,000 members (of which 35,000 or businesses) who have signed up the platform to date.
“When we met influence.co we were attracted to the fact that they have a different model than other companies in the space,” says Mark Mullen, managing director at Bonfire Ventures.
“They have always focused on building a lasting relationship with the influencers and creators. We think that’s a valuable asset to have as the number of influencers is growing exponentially on a global basis.”
influence.co had raised $1.4 million from a number of angels including internet marketing expert Neil Patel and digital agency scion Alex Bogusky, bringing influence.co’s total funding raised to date to $4.4 million.
SPH Ventures is an S$100 million venture capital fund set up by SPH, the leading media company in Southeast Asia. The firm invests in early-growth technology companies globally with a typical ticket size of around S$1-2 million and up to S$5 million per round.
SPH Ventures has invested in over 40 companies to date.