Vietnam’s Hiip lands 7-digit funding for its influencer marketing platform

Hiip, which connects brands and marketers with social media influencers, has banked an undisclosed amount of funding in a series A round led by Thailand’s Vnet Capital.

Venture capital firm Japan Strategic Capital, Tokyo-based marketing tech company Rentracks, and Singapore-based Vulpes Investment Management also invested.

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While it didn’t share the exact figure, Hiip confirmed that the round raised a seven-digit sum in US dollar.

Its platform uses AI tech to help brand owners, advertisers, and marketers discover social media influencers who can help them promote their products. The startup claims it has worked with over 500 brands and 6,000 influencers, and that its revenue has doubled every six months.

Its clients include Thai mobile network carrier AIS and Bangkok-based digital payment provider TrueMoney.

See: Hiip uses algorithms to match brands with the right social media influencers

Phi Nguyen, Hiip’s co-founder and CEO, said that the company’s vision “is to be the leading influencer platform in Southeast Asia,” and that the new funds will “help us accelerate and achieve this vision.”

He told Tech in Asia that the capital will mainly be invested in market expansion, as well as product and technology development.

Hiip raised an undisclosed amount of seed funding in September 2017 from investors including 500 Startups, Cocoon Capital, and Expara.