Singapore-based marketing tech startup, Affable.ai on Tuesday said it has raised $2 million from Prime Venture Partners, Decacorn Capital and SGInnovate.
According to the company, it will be using the funds to expand into international markets, including the US.
The four-year-old startup is a self-serve software-as-a-service platform, which helps brands and agencies run influencer marketing campaigns. It tracks more than 3 million influencers across social media platforms such as Instagram, Facebook, YouTube, and TikTok.
The company claims to bring in transparency to influencer marketing, and leverages machine learning and big data analytics to help brands find influencers, manage and measure campaign performance.
“We see a huge opportunity in working with brands to enable the much-needed, data-driven influencer marketing campaigns. The industry-leading brands and agencies we work with reinforce our belief in the need for analytics to streamline the micro-influencer marketing process,” said Nisarg Shah, chief executive officer and co-founder, Affable.ai.
Currently, Affable platform is being used by over 45 brands and agencies, including Huawei, Wipro, Pomelo, Fresh, Omnicom, Dentsu, and We Communications.
“Data-driven analytics is the need of the hour in the influencer marketing ecosystem which is a new and upcoming marketing channel and has picked up steam in the last 3-5 years. We believe that influencer marketing will become a mainstream marketing channel and Affable’s technology differentiation will transform the way brands and agencies interact with micro-influencers and celebrities,” said Shripati Acharya, managing partner, Prime Venture Partners.
Affable currently has more than 20 employees working remotely across different geographies.
“As the lead investor in Affable’s seed round, Decacorn believes that ‘prime-time’ has arrived in the Artificial Intelligence-driven influencer marketing space to effectively monetize the hyper social behavioral changes in the post millennials. We are glad to have worked closely with the Affable team over these past two years in scaling their business,” said Debneel Mukherjee, managing partner, Decacorn Capital.
Affable pegs the influencer marketing market to reach $15 billion by the next year, as the pandemic contributes to more users spending time on social networking, gaming, and watching over-the-top content.
