Linktree, known for its ‘link in bio’ tool, has raised $110m (£84m) in funding to fuel its geographic expansion as the social media startup targets the UK.
The link-in-bio category creator, headquartered in Melbourne, directs followers to social media profiles, personal websites and other recommendations from creators.
With over 24 million users, it’s used by artists and brands around the world, including TikTok, Jamie Oliver, Joe Wicks, Stephen Fry, Ellie Goulding, Selena Gomez, Comedy Central and Dwayne “The Rock” Johnson.
Instagram users are probably familiar with the term “link in bio”. Since Instagram doesn’t allow post captions and users are only allowed one URL in their bios, many create a simple website with multiple links for their followers.
Linktree provides such “link in bio” services, but it is not limited to an Instagram. It is also used by Shopify and Facebook among others.
The $110 million funding round was led by Index Ventures and Coatue, with Peanut CEO Michelle Kennedy and 20VC founder Harry Stebbings also participating in the round. The company now has a valuation of $1.3 billion.
“We have grown beyond the traditional ‘link-in-bio’ society, bridging users’ fragmented online presence and establishing our position as a new subsector in the tech industry,” Alex Zaccaria, co- founder and CEO of Linktree, mentioned.
Linktree’s latest funding will be used on tools that facilitate social commerce.
“This funding will allow us to continue innovating and developing tools that enable people to grow, manage and monetize their digital worlds, maintaining Linktree as a market leader,” he added.
The media startup wants to develop in the United Kingdom, already its second market, by developing new tools and partnerships in the markets.
The company has also hired former Twitch executive Mike Olsen as its US-based president.
“Over the past few years, the creator economy has grown rapidly and Linktree has led the way with innovations in discovery, engagement and monetization – there are so many business opportunities with an audience of this size,” Olson said.
Linktree said it was among the top 300 most popular website destinations in the world, with 1.2 billion unique visitors per month.
Founded in 2016, Linktree now competes with a list of “link in bio” services, including Shorby, Linkin.bio, and Beacons.
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