Kofluence, an influencer marketing network, has raised $4 million in funding.
Nikhil Kamath, co-founder of Zerodha and True Beacon, led a $4 million pre-series A investment round for Bengaluru-based ad-tech influencer marketing platform Kofluence.
Among those who have participated in the round are Kunal Shah, founder of fintech company CRED, filmmaker Karan Johar and Apoorva Mehta, CEO of his company Dharma Productions, Sujeet Kumar, co-founder of B2B trade platform Udaan, Aprameya Radhakrishna, co-founder of microblogging platform Koo, technology VC fund Upsparks, and investors Kiran Gadela and Abhijeet.
According to a release, the cash will be used to further enhance the company's unique platform, speed recruiting across different countries, and scale up for expansion.
"We believe that the booming creator economy will enable us to scale up our business model and build a self-serve and assisted SAAS (software as a service) platform to become the go-to marketing technology destination for both brands and creators, with influencer marketing spending expected to reach $25 billion by 2025. We're proud of what we've accomplished in the previous few years, and we want to use our AI-powered proprietary platform to generate additional product income streams as part of our long-term expansion "Kofluence said in a statement that Sreeram Reddy Vanga, the company's initial investor.
Kofluence, a data-driven AI (artificial intelligence)-led platform, was founded in 2019 with the goal of democratising India's creative economic environment. Kofluence's CEO and co-founder, Ritesh Ujjwal, said the firm is working on a number of intriguing projects to help the creative economy.
"For a long time, content makers have been entrusted with capturing eyes through free user-generated material. However, the absence of monetization options created a gap, with producers lacking the essential assistance or infrastructure to make a living from their material or creativity in the long run. Creators on the platform will have a variety of revenue opportunities to explore now that Kofluence has expanded its product suite to include creation and monetization capabilities," said primary investor Nikhil Kamath in a statement.