UMG Idealab, the Indonesia-based venture arm of UMG Group Myanmar, has invested an undisclosed amount in SociaBuzz, an online marketplace that connects businesses/individual customers with social media influencers/creators/talents.
SociaBuzz CEO Rade Tampubolon said in a statement that the seed funding will be used for improving its line of products and marketing.
“Our objective is that through our platform, more users will reap the benefits to create ideas and products from what they love and are passionate about,” he added.
Founded in 2015, SociaBuzz aims to link individuals and businesses with suitable content creators and talents for their personal/business needs. Currently, the startup has around 72,000 influencers/creators/talents and 1,350 active users (both businesses and customers).
The company runs multiple products to help creators and talents profit from their passion and creativity.
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While Gigs is a platform to discover creators and talents and get bookings from potential clients, Shoutout allows creators to earn profit by creating personalised video shoutouts for various users or businesses.
The other product is Tribe, which allows users to get direct support from their audience and community. Shop, on the other hand, is a service where content creators can sell digital goods directly to their fans. The fifth product Affiliate allows creative talents to promote and earn commission from their products.
The startup earns revenues by taking a commission on each transaction carried out on its platforms.
Since 2016, UMG Idealab has invested in close to 40 startups. In 2020, it funded three companies in the technology industry, two venture builders and an SME.
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