Hiip is a Vietnamese startup which connects brands with social media influencers using social data and matching algorithms. The company announced that it has raised the venture money. The lead investors include 500 startups and Cocoon Capital.
Expara, the Singaporean fund followed its pre-seed investment and participated in the round. Ultimately, the firm said that it received money from some angel investors. However, the amount is undisclosed. The money will be used to customize the Hiip product as well as financing expansion within Vietnam and across Southeast Asia.
Phi Nguyen, the Co-founder and CEO of Hiip says “We are happy to be backed by prominent international investors who believe in our vision and whose vast experience and networks can help us get to the next level.”
What is Hiip?
Hiip helps companies find people who are less famous than the celebrity social influencers, but will have significant impact within their niche.
Brands submit a request to Hiip website of what they are seeking. Hiip then analyses the information and brings the brand a suggestion of influencers, later influencer offers their side of deal like price, packages etc. If the deal is struck then, Hiip receive money from both ends.
Eddie Thai, a Partner at 500 Startups elucidates the investments like this…
“Vietnamese consumers closely follow the tastes of influencers. Yet many advertisers have used these influencers bluntly: charge companies exorbitant commissions to connect with the influencers who have the largest following, matching-be-damned. Hiip represents the next generation of influencer marketing: data-driven connections to tell stories.”
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