Creatzo Technologies, which runs influencer marketing platform Adicube, said it has raised Rs 12 crore (around $1.6 million) funding led by Pitcherlabs Ventures.
The round also saw participation from a clutch of angels including Chandrahas Panigrahi, Founder Edukemy, Ashish Padiyar and Brijesh Damodaran, Founders, Auxano Capital, among others.
Founded by Sreetam Panda in May 2021, Adicube helps brands to find the right influencers and formulate their influencer strategy and curate the right set of influencers for their campaigns.
Adicube claims it offers transparency in costs, by revealing margins. Its clientele includes Groww, Unacademy, Fampay, Edukemy and CoinSwitch Kuber, among others.
“With this funding, we are looking to double down on our growth to emerge as the go-to platform for both influencers and brands. Adicube’s AI-powered technology platform brings in complete transparency in costs.
Brands can book influencers in their content spaces and reach millions of Indian consumers with complete ease. The process is simple, akin to ordering food online, backed by APIs which provide complete data of the Influencer,” said Sreetam Panda, Founder and CEO of Adicube.
The company competes with players like Plixxo, Influencer.in and Good Glamm Group, among others.
Rahul Singh, Founder, Pitcherlabs Ventures said, “With the pandemic giving a boost to digital adoption, brands are increasingly seeking to harness the power of the very long tail of influencers to help drive awareness and influence purchase activity. Adicube’s platform is purpose-built to support brands in these efforts with complete transparency.”
Rahul Khandelwal at Felix Advisory acted as the financial advisor to the transaction.
Investor interest around influencer marketing companies have increased in recent times.
In a similar deal influencer marketing ad-tech platform Kofluence raised $4 million (around Rs 30 crore) led by Zerodha and True Beacon Co-Founder Nikhil Kamath.
Creator tech platform HYPD raised $1.5 million (around Rs 11 crore) in seed funding led by venture capital funds Better capital, Sauce VC; creators and influencers Bhuvan Bam, Tanmay Bhatt, among other investors.