The financing was joined by Quest Ventures and other undisclosed investors.
Proceeds from the latest funding round will be used to develop Partipost’s tech platform and accelerate its business expansion into Vietnam, the Philippines and Malaysia.
Partipost matches brands with influencers to drive word-of-mouth marketing. It uses data insights through its in-app polls and user behaviour to crowdsource influencers.
The startup launched its mobile app in 2018. It claims to have collaborated with more than 200,000 influencers for over 850 brands across markets.
The company expects to hit over 1 million influencers within the next 18 months on its platform.
“Our latest fundraising round will enable Partipost to develop even better technology and collect more data to help us achieve our goals of helping brands connect to the right crowd of influencers as well as empowering these influencers with ability to be rewarded,” said the startup’s founder and CEO Jonathan Eg.
Partipost operates in the influencer marketing industry, which is forecast to hit $9.7 billion in 2020, according to a report by Influencer Marketing Hub. The industry has seen a spike in the last two years as brands and governments shift their marketing efforts online to target Millennials.
In Southeast Asia, the influencer marketing sector was believed to have reached $638 million last year and is expected to quadruple within five years to reach $2.6 billion by 2024, according to influencer marketing agency IMA.
“Social influencer marketing is one of the fastest-growing segments within digital marketing. Hence, we are very excited to lead Partipost’s Series A round to further accelerate its growth,” said SPH Venture CEO Chua Boon Ping.
The investment in Partipost is the second for SPH Ventures in the influencer marketing space this year. In March, it joined a $3 million seed funding round in Influence.co, a US-based platform for the global influencer marketing community.
SPH Ventures is a S$100 million venture capital fund that 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.
“We are impressed by Partipost’s strong traction in Singapore, Indonesia, and Taiwan as a young startup and look forward to partnering it to scale to new markets,” Chua said.
Quest Ventures partner Jeffrey Seah said Partipost’s potential resides in its “ease of onboarding quality content influencers with loyal follower bases.”
Following the investment, Chua and Seah will join Partipost’s board as a director and an observer, respectively.