Singapore-headquartered digital talent agency GushCloud International announced Wednesday it has raised USD 11 million in funds from regional investors led by GDP Ventures.
This is the first round of funding after co-founders Althea Lim and Vincent Ha bought back the company from its previous parent, Korean firm Yello Digital Marketing Global.
The fresh funds will be employed to expand the startup digital celebrity representation business into the United States and China, as well to expand its portfolio of talents and clients.
The company also announced a change in its leadership. Althea Lim and Vincent Ha are now group CEO and chairman of the board respectively, while Russel Simmons, an American entrepreneur and hip hop mogul, was appointed as president of the company.
“There is a gap in the market for effective talent representation of the West in the East and vice versa that Gushcloud International with its infrastructure is uniquely positioned to bridge,” said Simmons, who also participated as investors in the round.
“America is home to the world’s biggest talents and brands, while China to the world’s key platforms, technologies, and largest world audience. With the news investors, we can capitalize on our unique network of talents and offices as well as our cultural intelligence to achieve significant growth for the company in the coming years,” Vincent Ha added in the press release.
According to consultancy group Analysys International, China’s influencer economy was worth more than USD 15.5 billion in 2018. It is estimated that over 70% of marketers will increase their spending in the influencer space in the coming years.
Gushcloud International claims to be one of the early pioneers in the influencer space. The company evolved into a digital talent agency group focused on building out sustainable revenue streams for top digital talents, influencers, and content creators.