Kenya-based influencer marketing platform, AIfluence has announced its seed funding round of $1 million. The round was led by Dubai-based EQ2 Ventures, Antler East Africa, Oui Capital, ArabyAds, and an unnamed European family office.
With this funding, the startup plans to expand to the rest of Africa, the Middle East, and Asia by the end of 2021.
Founded in 2019 by Nelson Aseka, George Issaias, Ankit Jindal, and Lamusia Anzaya, the startup is a product of Antler East Africa’s drive to produce more African startups by drawing on the experience of professionals in various fields. It is also the company builder and VC firm’s first startup to raise up to $1 million in funding.
AIfluence uses artificial intelligence to match influencers to brands, run end-to-end influencer marketing campaigns, and bring transparency to the process of determining return on investment (ROI) for influencer marketing campaigns.
To properly serve its customers, the startup gains deep insights into a target market and identifies influencers that will suit those target markets.
In a statement, Melalite Ayenew, Antler East Africa’s partner commented, “We are excited to see local founders with deep expertise in the African market take a global problem head-on, and in a short time demonstrate a tech solution that is fast attracting demand in Africa and beyond.”
Per TechCrunch, CEO, Aseka revealed in a statement, “We are on the cusp of a revelation. Globally the way marketing works is changing. We find ourselves at an intersection of advanced technology and the fastest-growing region in the world in terms of digital and social media penetration. It’s an exciting place to be. Africa’s rich tradition for storytelling is alive and kicking.”
Aseka points out that they had faced challenges in finding a practical problem in the past but confirms that they have identified a partner with whom they would grow.
CEO of EQ2 Ventures expressed delight with the startup. “People are the new media in today’s digital world, and AIfluence is uniquely positioned to turn this reality into tangible results for advertisers. We’re looking forward to AIfluence’s journey ahead.”
With the increasing popularity of social media marketing, advertisers now understand that the key to connecting with their target audiences lies in using people they trust. This has led to a rise in micro-influencers and one that Africa’s youths have quickly keyed into. By providing advertisers with good value for their money, AIfluence plans to unlock immense value on the continent.