Indonesian content creator platform TipTip has raised $13 million in a Series A funding round led by East Ventures to accelerate platform adoption and diversify its product offerings.
Vertex Ventures, SMDV, B.I.G. Ventures and prominent angels joined the round, the company said in a statement on Monday.
TipTip was founded by Albert Lucius in 2021. He was earlier the co-founder of Kudo which was acquired by Grab in 2017.
TipTip connects content creators and their fans through a marketplace that helps them to make, showcase, and sell their digital content. Officially launched in Indonesia this July, TipTip’s revenues grew more than 20x since October 2022. It also established a hybrid online/offline presence across 40 cities in the country. The startup also operates in Singapore.
To date, TipTip has more than 2,500 content creators and over 30,000 users on its platform. It aims to recruit more than 30,000 creators and 300,000 users by early 2023. On average, creator-promoters earn more than $200 within 30 days of being active on TipTip. Creators can sell their digital content directly or via TipTip’s promoter network or engage with fans directly through live sessions.
“We expect TipTip to continue its growth trajectory on the back of a hyperlocal strategy that adapts well to the changing creator and customer behavior in the post-COVID era. There are immense growth opportunities on the horizon and we are really excited to continue supporting TipTip,” said East Ventures co-founder and managing partner Willson Cuaca.
The content creator industry in Indonesia is estimated to value at 4-7 trillion rupiah in 2020, and it is expected to increase fivefold by 2027, according to a report by influencer marketing platform Famous Allstars. The country is also the fastest-growing digital ad market in the world, followed by India, according to the 2019 Global Digital Ad Trends report from PubMatic.
Marketing involving content creators or influencers takes up larger portions of digital advertising budgets. This attracts more active content creators to spring up every year. Besides TipTip, other Indonesian startups operating in this sector are Famous Allstars [Fas Indonesia], UMG Idealab-backed SociaBuzz, and BintanGo which raised $2.1 million in seed funding earlier this year from Investible, eWTP Technology and Innovation Fund.