BintanGO Completes Follow-Up Funding of $2.2 Million (Updated)

BintanGO is reportedly in the midst of raising further funding. According to data compiled by VentureCap Insight, past investors such as Investible and the eWTP Tech Innovation Fund are back in this latest round.

Jason Lee confirmed to DailySocial Co-Founder and CEO of BintanGO regarding the follow-up funding that has been received worth $2.2 million. This round of funding was joined by Contents Technologies, Transcend Capital Partners, and their previous investors such as Investible and the eWTP Tech Innovation Fund, along with local Indonesian investors.

The new debt and equity funding follows on from the company's initial $2.1 million funding round in April 2022, bringing the total raised to $4.8 million.

A number of other investors such as Transcend Capital Partners, Astor Management, and Beyond Creative Global have also invested. So far it has booked a nominal value of $1,3 million -- it is expected that more will continue as efforts are made fundraising which is conducted.

"We are very pleased to be able to expand our services with live commerce on various platforms in Indonesia, providing an unparalleled opportunity for brands to interact with consumers, increase sales, and strengthen their brand presence with content creators. Live commerce will be integrated with our existing features already in place, including creator selection, campaign management, and campaign reporting." Jason said.

In 2022, BintanGO was completed initial funding round worth $2,1 million. This funding was led by Investible and eWTP Tech Innovation Fund with participation from Farquhar, Plug and Play, Aksara, Redbadge Pacific, Moonshot Ventures, Mulia Sky Capital, and United Creative.

A number angel investors Also involved in this round include current and former executives from YouTube, Facebook, and Google. In 2021 the company has also received funding pre seed from Flash Ventures for $500 thousand.

Launched in 2021, BintanGO was founded by Jason Lee and Octorika Mandasari. The platform has a mission to provide solutions supported by technology to help content creator simplify and manage their business smoothly. These solutions include productivity, monetization and financial solutions.

The platform resembles a SaaS platform providing productivity and monetization tools as well as financial solutions for content creators to help them manage and grow their businesses.

The rise of supporting platforms an influencer and content creators

In Indonesia itself, there are currently many platforms that support influencers and content creators by providing relevant services and features. Among others are TipTip, UpBanx, Partipost, IDN Creator Network, AnyMind Group, Hiip, Noice, Famous Allstars (FAS) to Lynk.id.

Based on a report summarized by INSG recorded, marketing activities utilize an influencer in the Southeast Asia region it is predicted to reach $2,59 billion in 2024, making Indonesia a more promising market for brands and marketers.

More than 91% of brands in Indonesia have increased their marketing budgets in 2022. A study in 2020 noted that 62% of consumers online Indonesia was influenced by recommendations from an influencer before making a purchase. The report also revealed that Indonesian online consumers prefer to follow social media accounts of influencers rather than business accounts brand.

In 2022, it was also recorded that as many as 68% of global brands will invest more of their marketing budget in influencer marketing. This shows that brand in Indonesia are increasingly aware of the benefits of influence marketing as the most effective channel for their marketing activities.