Myanmar UMG group invests in Indonesia’s SocialBuzz

JAKARTA — UMG Idealab, the early-stage venture capital arm of Myanmar conglomerate UMG group, has invested in SociaBuzz, an Indonesian online marketplace that connects businesses or individuals with social media influencers, creators and other kinds of talent.

The size of the deal could not be ascertained.

SocialBuzz will use the capital to expand its line of products and improve its marketing capabilities.

“Our objective is that through our platform, more users will reap the benefits to create ideas and products from what they love and are passionate about,” CEO Rade Tampubolon said in a statement.

Founded in 2015, SociaBuzz connects individuals or businesses with suitable content creators for their personal or business needs. Currently, the startup has around 72,000 influencers, creators and other kinds of talent as well as 1,350 active users, both businesses and individuals.

SociaBuzz Shoutout allows creators to profit from creating personalized video shoutouts for various users or businesses. Another service, SociaBuzz Tribe, allows users to receive direct support from their audience and community.

There are two other services. SociaBuzz Shop enables content creators to sell digital goods directly to their followers, while SociaBuzz Affiliate allows creatives to promote and earn commissions from their products.

SocialBuzz collects 20% of transactions made from Gigs and Shoutout, and 5% of those made from Tribe and Shop.

Operating as a Corporate Venture Capital in Indonesia since 2016, UMG Idealab had invested in close to 40 startups by 2020. This year it has provided funding to several startups, including three tech companies and two venture builders.

For the original story from DealStreetAsia, click here.

DealStreetAsia is a financial news site based in Singapore that focuses on private equity, venture capital and corporate investment activity in Asia, especially Southeast Asia, India and greater China. Nikkei owns a majority stake in the company.

Source : Nikkei Asia

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