TipTip announces over US$ 13 million series A funding round led by East Ventures
TipTip, a monetization platform for content creators in Southeast Asia, secured its US$ 13 million Series A funding round, following the startup’s US$ 10 million seed round funding earlier this year. The Series A funding was led by East Ventures with continued participation from Vertex, SMDV, B.I.G. Ventures and prominent angels.
TipTip was founded in October 2021 by Albert Lucius to fill the void in serving the fast growth of content creators in the region. TipTip offers a marketplace that connects content creators and their fans, where they can create content, showcase and monetize by selling their digital content creations. The platform has seen incredible market acceptance since its official launch in Indonesia back in July 2022. Revenues grew more than 20x in the last two months alone since October 2022. TipTip’s hyperlocal strategy has also seen success in establishing hybrid online/offline presence across 40 cities in Indonesia.
Albert Lucius, CEO and Founder of TipTip, addressed the success in securing the investment. “We are incredibly honored and delighted by the continued trust and support of Southeast Asia’s leading investors in our oversubscribed Series-A round. We truly appreciate the partnership and we will use the funding to accelerate our platform adoption, diversify our product offerings and position TipTip as the top platform for content creators in Southeast Asia.”
The platform currently houses more than 2,500 content creators and over 30,000 users and aims to recruit more than 30,000 creators and 300,000 users by early next year. On average, creator-promoters earn more than US$200 within 30 days of being active at TipTip. Creators can earn income on the platform by selling their digital contents directly or via TipTip’s promoter network, as well as engaging fans through live sessions.
Willson Cuaca, Co-Founder and Managing Partner at East Ventures, said, “We strongly believe in Albert’s leadership at TipTip. His past experience in building & running Kudo before being acquired by Grab in 2017 continues to be pivotal in navigating the turbulent economy as we head into 2023. We expect TipTip to continue its exponential growth trajectory on the back of its hyperlocal strategy which adapts really well to the changing creator and customer behavior in the post-COVID era. There are immense growth opportunities on the horizon and we are really excited to continue supporting TipTip.”
Joo Hock Chua, Managing Partner of Vertex, added, “We believe in TipTip’s creator-promoter-supporter approach, which is designed to serve the long-tail market of the creator ecosystem. The company is uniquely positioned to solve real problems content creators are facing, which is monetization within their micro communities. With the assistance of TipTip’s promoter network, the platform enables creators to monetize their contents directly without depending on sheer number of views or advertising clicks.”
With an over 675 million population, TipTip aims to play a vital role in growing the creator economy in Southeast Asia. Triawan Munaf, President Commissioner of TipTip, former Minister of Indonesia’s National Creative Agency (BEKRAF) explained, “As a platform founded by an Indonesian and managed by experienced regional leaders from Southeast Asia, I believe that TipTip is well positioned to understand and serve the local needs across the region. I am very proud to support TipTip’s mission to enhance the monetization experiences for content creators in Southeast Asia, starting from Indonesia.”