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Street Talk
Marketing technology platform Tribe is on the hunt for a cash injection to fuel its growth plans in the United States.
Tribe connects brands an ad agencies with social media influencers. Shutterstock
Street Talk understands Tribe has tapped E&P Corporate Advisory to help it raise $5 million in fresh capital, and the pair started meeting funds on Thursday.
Founded in 2013, Tribe connects brands and ad agencies with social media influencers to drive engagement on platforms like Instagram, Twitter and Facebook.
Brands pay for account owners to make posts with their products. A single post from an account with up to 10,000 followers is worth as much as $150, and a post on an account with more than 100,000 followers is worth more than $680, according to Tribe’s website.
The company posted about $10 million gross revenue in fiscal 2020, and its net revenue grew 83 per cent compared to the 2019 financial year, potential investors were told.
Money raised in the funding round will go towards building out Tribe’s subscription product and scaling its operations in the United States, the company’s fastest growing market.
The raising marks the second cash call for Tribe in as many years. The company closed a $10.5 million round in early 2019, which was backed by Sydney-based venture capital outfit Exto Partners and the UK’s Gresham House Ventures.
That money was used to fund Tribe’s United States expansion and the company’s CEO Anthony Svirskis is now permanently based in New York.
In addition to E&P, Tribe is advised by PwC and MinterEllison.
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