Deal Street Asia
SPH Ventures, the corporate venture capital arm of Singapore Press Holdings (SPH), has led a $3.5 million funding round in influencer marketing startup Partipost, according to a statement.
The financing was joined by Quest Ventures and others undisclosed investors.
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.
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.
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, … Seah will join Partipost’s board as an observer.