Indonesian-based startup TipTip has raised $13 million in Series A funding to help Southeast Asian content creators build their brands.
Founded in October 2021, TipTip offers a platform for talents like musicians, painters and chefs who want to expand their communities. TipTip also helps these talents monetize their content through direct sales.
TipTip founder Albert Lucius said creators in Southeast Asia have a hard time attracting advertisers because they do not have social media clout. This limitation prevents them from monetizing content on major social media platforms such as YouTube and Instagram.
On TipTip, creators can produce various types of content, like videos and documents, to generate money online. Followers can also directly tip their favorite content creators through the platform. Furthermore, the platform also helps their talents host offline events and activities to cater to their communities.
Lucius explained that these features, which encourage meaningful interactions between creators and fans, differentiate TipTip from other social media platforms. TipTip also aids its creators with various administrative problems, like payment systems and the “Know Your Customer” (KYC) policy.
Lucius, who founded the e-commerce company Kudo and later sold it to Grab, added that the COVID-19 pandemic had made people more interested in making money virtually. He referred to Research and Markets, Digital Journal and Statista’s finding that the content creation industry in Southeast Asia has a projected CAGR of 10 to 30 percent.
East Ventures led the funding round. B.I.G. Ventures, SMDV and Vertex, which had participated in TipTip’s previous Series A funding, also took part in this capital round.
TipTip plans to use the funding partially to recruit more content creators, supporters and promoters. The startup has also announced plans to develop more products, including podcasts and customized requests, to increase creators’ revenue streams. TipTip aims to expand its offline and online outreach to 250 cities across Indonesia by mid-2023.
Since its launch in July, the platform has amassed 2,500 talents and more than 30,000 users. It has built a presence in 40 cities across Indonesia.
