Singapore-based crowd influencer marketing & commerce platform Partipost today announced that it had secured an investment of over US$7 million.
The oversubscribed round is led by iGlobe Partners, with participation from Temasek’s Pavilion Capital, Taiwan Mobile, Cathay Venture, and Quest Ventures.
Following the funding round, iGlobe Partners partner Joyce Ng will join Partipost’s board as a director.
The company plans to use the funding to accelerate the development of its new product suite to support the increased business needs of its multi-market commercial clientele as mask mandates retire across the Asian markets.
It will also expand its business to Thailand, Vietnam and Hong Kong in the next 18 months.
This funding round followed a US$5 million funding round that the company announced in July 2021.
Also Read: How can influencer marketing help the travel industry in a post pandemic world
Jonathan Eg, Founder and CEO of Partipost, said, “Despite the macroeconomic challenges, we have been able to complete this fundraising round. A lot of the credit has to go not only to our investors but also to our team members across the region for their dedication, perseverance, and belief in the future of Partipost. We want to be a platform for all brands to use and all influencers to use, and we are definitely getting closer to that vision.”
The company had commissioned a report on the 2022 Southeast Asia influencer marketing. The report stated that On-Demand & Always-On capabilities are the “twin forces” that drive brand marketers to currently invest up to a third (33 per cent) of their marketing budget in influencer marketing.
“Early mover brands in the influencer marketing space are now reaping long-term dividends via building their social media presence through influencers … More importantly, they drive 24/7 sales conversions unencumbered by the limitations of traditional retail hours. Brand marketers and affiliate sales organisations are expected to allocate more budget to partner influencers,” it said.
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