Update: The previous version of this article named Affable as the first startup to get funded by Startup SG Equity scheme.
Singapore-based influencer marketing platform Affable today announced that it has raised S$1 million (US$747,000) in a seed funding round led by Decacorn Capital.
The funding round also includes participation of SGInnovate through its Startup SG Equity scheme, making Affable the first of Entrepreneur First (EF) startup to get funded under the scheme. The initiative aims to “stimulate and accelerate” private investments into local startups with intellectual property and global market potential.
EF, Bansea, and angel investors that includes past and present senior executives from Microsoft and Google also participated in the funding round.
Affable plans to use the funding to support product development and regional expansion to key markets across Southeast Asia over the next 18 months.
“With its cross border reach and sector agnostic investing approach, we believe Decacorn will not only be able to connect us to new markets, but will also use its reach and influence to help us secure follow-on funding,” Affable co-founders Nisarg Shah (CEO) and Swayam Narain (CTO) said in a press statement.
As an influencer marketing platform, the startup uses artificial intelligence (AI) to discover and activate authentic micro-influencers to help brands and marketing agencies engage relevant influencers and analyse their campaigns.
Founded in October 2017, it is said to have been able to on-board paying customers and complete a seed funding round in less than seven months since the company was registered.
Image Credit: Decacorn Capital