Saville Capital’s Emerging Companies Fund has contributed to a $5.5 million pre-IPO funding round for online influencer marketing platform Tribe.
Other investors in the round include sustainability-focused US firm Cyan Capital and Melbourne high-conviction investment firm SG Hiscock & Company. They have joined early individual investors including Expert 360 co-founder Bridget Loudon, Catch Group founders Gabi and Hezi Leibovich and former Unilever chief marketing officer Keith Weed.
Tribe is claiming strong take-up of its new subscription service in the US and believes the time is right for it to prepare for an IPO and ASX listing although it has not committed to any time frame.
Morgans and E&P Corporate Advisory have been appointed joint lead managers for the IPO.
Tribe was founded by former host of television show Getaway Jules Lund after he discovered the power of social media through helping to build a Facebook brand page. He realised that for the price of a single sponsored post from a celebrity, fashion blogger or YouTuber a brand could pay for a campaign developed by 50 micro-influencers. This, he recognised, would reach more people, would generate higher total engagement and instead of having one piece of content to re-purpose, the brand would have 50.
The challenge was, how to manage 50 influencers? Lund decided software had to be the solution, developed an app and launched Tribe in 2014. Lund quickly realised his skills were in product development and marketing strategy rather than company building. He hired Anthony Sverskis, who had already worked on scaling up several online businesses as chief executive and the pair have worked together ever since. Until recently, Sverskis had been leading the business from New York.
Sverskis relocated to New York to focus on the US market after Tribe raised $10.5 million in 2019.
Tribe now links brands and influencers around the world from offices in Melbourne, London and New York.
To date, the company has raised close to $20 million.