Influencer marketing app Tribe announces $5m capital raise
Influencer marketing app Tribe is set to raise $5m on a pre-money valuation of $15m.
The announcement:
Influencer marketing app, TRIBE, today announced it will be raising $5M on a pre-money valuation of $15M. The tech start-up is seeking new private capital from a combination of strategic investors, family offices and small to mid-market funds.
The latest round of funding will be in addition to $2.4M seed funding already invested in TRIBE in just nine months. Contributions have come from a range of high profile investors representing tech, media, marketing and finance. Notable investors include WME’s Founder and Managing Director Nick Bell and Rob Chaloner, Founder and Managing Director of Stratton Finance. Adam Ferrier, joins TRIBE as both an investor and Board member, alongside founding Director Jane Martino.
Adam is an award winning marketer, author and Global Chief Strategy Officer / Partner at Cummins & Partners.
TRIBE has already recorded impressive growth in Australia and with an established local market presence and off-shore development team now set up; the company will be capitalising on the opportunity to take the business beyond Australia.
With ‘authentic advocacy’ as its operating philosophy, TRIBE connects brands with ‘Citizen Influencers’ – individuals with a dedicated social media following. Most of these influencers have fewer than 100K followers but as their audience is actively engaged with the content, their ability to influence is extremely strong.
The company is the brainchild of former Getaway and Southern Cross Austereo radio star Jules Lund. Just five months into trading, the start-up has surpassed a $1M annualised run rate and is experiencing rapid organic growth.
TRIBE CEO Anthony Svirskis said, “We’ve been revenue generating from day one and we’re currently experience double digit month on month growth in all our key marketplace and financial metrics. We would never have imagined the milestones we’ve hit in such a short space of time.
We’re seeing traction in Australia beyond our expectations and are now ready to move our model into new regions.”
Mr Svirskis added, “When we took the app to the market, we knew we were offering something not previously available – we flipped the traditional influencer-marketing model on its head and all results to date shows that it works.”
The TRIBE app, which empowers influencers to choose the brands they want to work with, is a powerful tech alternative from the traditional agency model; TRIBE already has over 2000 active influencers.
On the brand side of the marketplace, TRIBE services a growing list of 200+ small, medium and large scale businesses including Disney, Jeep, AMEX, Subway, Converse, Vodafone, Domino’s Pizza and more.
As an industry insider, investor and now Board Member at TRIBE, Adam Ferrier commented “I’m familiar with the Influencer Marketing space, and yet I’ve seen nothing as powerful as TRIBE. A tech company that allows marketers access to the country’s largest pool of content creators with unparalleled immediacy.”
Digital Entrepreneur and start-up investor Nick Bell said, “It’s rare to see such quick and universal adoption of technology by brands, media agencies and PR agencies. From the outset, it was clear to me that TRIBE has created a product the whole market can easily use and they have the team in place to maximize the opportunity.”
Mr Svirskis added, “Hiring Chief Technology Officer Christopher Kerr was an important move that strengthens TRIBE’s tech advantage in this new industry. In addition to the continued acquisition of new brands and influencers, we are planning to complement the Board of Directors with further expertise in the coming months.”
Source: Six O’Clock media release
15x revenues val.. Steep. I guess it could be worse and be 45x revenue.
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This is w great idea.
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