In the Hot Seat – StyleDoubler
We asked Eetu Raudas, CEO and Co-founder of StyleDoubler, to take the Funderbeam Hot Seat to answer common questions requested by investors and learn a bit more about the future of the business.
Tell us in a few sentences about your company and the product.
StyleDoubler is a growing global platform connecting brands and influencers for marketing campaigns. Launched in 2019, we have worked with brands all over Southeast Asia and have been able to be a part of the success of each campaign they run. What makes us different is that we offer performance-driven Influencer Marketing solutions for every step of the funnel, from exposure and traffic to sales conversions.
How was 2021 for StyleDoubler? What were your key challenges?
- Our revenue grew by 3.7x to €0.6 million, and we were profitable for the third year in a row.
- The influencer network grew to 15 k users organically (a sixfold increase from the previous year).
- We increased our team size from 3 to over 30 members; hiring the right people is always challenging.
What are your primary goals for StyleDoubler in 2022?
- Growing our revenue to €2.8 million (a fivefold increase).
- Expanding our influencer network in Southeast Asia to 100,000 users (6.6x increase).
- Launching support for Agency partners to leverage our tools and network.
What is the outlook for the Influencer Marketing Sector in the coming year?
According to industry analysts, the sector will continue to grow at a compound annual growth rate of over 30%. In fact, Forbes is projecting that brands will spend $15 billion on influencer marketing during 2022. We forecast the demand for performance-based influencer marketing solutions to grow in kind.
Are any key trends in the Influencer Marketing sector significant to StyleDoubler?
While platforms like Instagram still hold the position as the app of choice for influencers, TikTok is rapidly gaining market share. Since StyleDoubler is a channel-agnostic platform, it is vital for us to stay current with any new social channels gaining traction. We’re also seeing growing demand for influencers with smaller followings, so-called nano and micro-influencers.
Who are the company’s principal shareholders and management, and are there any plans for future hires or positions?
- Eetu Raudas, Co-founder and CEO
- Roman Vasilkov, Co-founder and CTO
- Tondi Nugraha, Marketing Director
- David Mulya, Business Development Director
- Ariyani Raidah, Partner Development Director
- New hires will be:
- Product Director
- Cloud Architect
- Software Engineers
- Several positions in Business Development and Marketing
Can you profile or paint a picture of a typical customer of StyleDoubler?
Being a two-sided platform, StyleDoubler caters to two customer types. A typical influencer is someone with 50,000-250,000 followers on one of the most popular social media channels. On the other hand, we cater to B2C brands and online retailers. We’re seeing increasing demand from digital customers, such as streaming services and the like.
What is your key message to customers, and how do you convey that information to them?
Our expertise and data-driven insight help our customers understand what they need. While a tech company at our core, we are true believers in a stellar level of customer service. In the first meeting with customers, we break everything down in detail: What is their objective? Who are their target market and audience? What is their budget? What is their product?
Thanks to our outstanding team and personalised onboarding, we can familiarise customers quickly with solutions to achieve the best results for their brand.
What would you say the most significant challenges are for StyleDoubler going forwards?
We are hiring the right people and transitioning the organisation to scaling mode.
If you could leave investors with just three words to describe the future of StyleDoubler, what would they be?
Fast growth opportunity.
How could Funderbeam investors help you?In addition to the next funding round on Funderbeam during 2022, we’re looking for help in the form of relevant expertise and contacts in the Asia-Pacific region. Are you an influencer or an advertiser? Register today or join our waiting list on www.styledoubler.com.