Gushcloud raises US$11M to expand its digital celebrity representation biz into US, China
Gushcloud International, a Singapore-headquartered digital talent agency group, has announced that it has raised US$11 million in a new funding round led by Jakarta-based GDP Venture.
KB Investments (Korea), Golden Equator Capital and Korea Investment Partners (via GEC-KIP Fund), and Kejora Ventures (Southeast Asia), along with individual strategic investors such as American entrepreneur and renowned hip hop mogul Russell Simmons also joined the round.
The group will use the money for the expansion of its digital celebrity representation business into the US and China, and into other new business areas.
This is Gushcloud’s first round of investment after its co-founders bought back the company from its previous parent Yello Digital Marketing Global in November last year.
Along with this announcement, the company has announced a slew of changes to its key management team. Co-founders Althea Lim and Vincent Ha have been promoted to Group CEO and Chairman of the Board, respectively.
Ng Siang Hang will take on the role of Global Brands Director, while Oddie Randa and Chloe Lim will step up to lead Gushcloud in Asia.
Kuik Xiaoshi of Summer International is brought in as Chief Strategy Officer, along with former Hong Kong venture capitalist Andrew Lim for the position of CFO.
Simmons has been appointed as President of the Group. He will facilitate the setting up of Gushcloud’s talent agency headquarters in Los Angeles, to meet the needs of its US-based creators, celebrities, and influencers, will build an international roster for export into Southeast and North Asia.
“There is a gap in the market for effective talent representation of the West in the East and vice versa that Gushcloud International with its infrastructure is uniquely positioned to bridge. By doing so, we can bring people of different cultures with similar lifestyle aspirations and goals closer together. This will create a powerful effect on fashion, film, television, music, sports and even politics,” says Simmons.
“America is home to the world’s biggest talents and brands, while China to the world’s key platforms, technologies, and largest world audience. With the new investors and partners that have come on board, we can capitalise on our unique network of talents and offices as well as our cultural intelligence to achieve significant growth for the company in the coming years,” shares Ha.
Gushcloud was started as an influencer and brand matching platform. In 2012, it pivoted to become an influencer marketing agency. It further evolved into a digital talent agency group focused on building out sustainable revenue streams for top digital talents, influencers, and content creators in 2017.
Essentially, Gushcloud connects audiences and brands to influencers and content creators through representation and management, brand strategy, marketing and activation services, media production sales and distribution, licensing and co-creating significant IP in the content, media and event spaces.
In October 2017, YG Investment, the investment arm of the South Korean music label and entertainment agency YG group, had invested US$3 million Gushcloud.