S'pore-based influencer agency Gushcloud International raises $15m
Singapore-based influencer agency Gushcloud International has raised US$11 million (S$15.1 million) in a funding round, while also appointing hip-hop mogul Russell Simmons as its president.
Mr Simmons is the co-founder of Def Jam, an American music label managing artists such as Justin Bieber and Kanye West.
His new role as Gushcloud International president will involve helping the group's global expansion and expanding its portfolio of America-based talents and clients.
He will also help set up the group's talent agency headquarters in Los Angeles, which will serve its US-based creators and build an international roster for "export" into Asia.
Gushcloud International's US$11 million funding round was led by GDP Ventures, with other international investors including Golden Equator Capital and Korea Investment Partners, and Kejora Ventures. Individual investors included Mr Simmons.
This was the group's first funding round after co-founders Althea Lim and Vincent Ha bought back the company from former parent Yello Digital Marketing Global, a South Korea-based digital marketing group.
The company also announced changes in its senior management.
Ms Lim will be group chief executive and Mr Ha, chairman. Mr Ng Siang Hiang, former chief executive of Gushcloud Agency, the group's agency division, will head up brand advertising and marketing in America.
Former Hong Kong venture capitalist Andrew Lim will be chief financial officer.
Ms Lim said: "One of the biggest challenges facing digital talents is long-term career sustainability. Hence, we need to look beyond influencer marketing and be able to create innovative solutions for the talents to keep growing." - THE STRAITS TIMES