BackInfluencer marketing platform Kofluence raises $4 million
The round also includes names like Kunal Shah, founder of fintech company CRED, filmmaker Karan Johar and Apoorva Mehta, CEO of his company Dharma Productions
PremiumNew Delhi: Bengaluru-based ad-tech influencer marketing platform, Kofluence has announced its $4 million pre-series A funding round led by Nikhil Kamath, co-founder of Zerodha and True Beacon.
The round includes names like 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 Pai.
The company intends to use the funds to further develop its proprietary platform, accelerate hiring across multiple geographies and scale up for expansion, it said in a statement.
"With influencer marketing spends projected to touch $25 billion by 2025, we are confident that the booming creator economy will equip 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. We pride on what we have built over the last couple of years and intend on generating multiple product revenue streams out of our AI-led proprietary platform, as a part of our future growth," Sreeram Reddy Vanga, founder investor, Kofluence said in a statement.
Founded in 2019, Kofluence provides a data driven AI (artificial intelligence)-led platform in order to democratise the creators’ economy landscape in India. Ritesh Ujjwal, CEO and co-founder, Kofluence said the company has a lot of exciting developments in the pipeline to support the creator economy.
“Content creators have long been relied on to capture eyeballs through free user generated content. But the lack of monetization tools left a gap, with creators not having the necessary help or infrastructure to make a sustainable living out of their content or creativity. With Kofluence expanding its product suite to encompass creation and monetization tools, creators on the platform will have varied monetization avenues to explore," principal investor Nikhil Kamath said in a statement.
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