Aussie social media startup Linktree has raised a huge US$45 million ($59.3 million) in Series B funding, as it continues its growth trajectory following the COVID-19 pandemic.
This latest funding follows a US$10.7 million ($14 million) Series A raise, announced in October last year.
This time, the round was co-led by San Francisco-based VC firm Index Ventures, and Coatue, a US investment management company that has also invested in TikTok.
Coatue chair Dan Rose, who has previously acted as director of business development at Amazon and vice president of partnerships at Facebook, has joined the Linktree board.
Existing investors AirTree Ventures and Insight Partners also made repeat investments into the round.
Co-founded by brothers Alex and Anthony Zaccaria along with their friend Nick Humphreys, Linktree started its life as a solution for a problem the entrepreneurs were facing themselves in their digital music and entertainment agency.
Now, it has some 12 million users around the world, 4 million of whom joined the platform in the last three months alone.
Offering a simple solution for people to share more than one link in their Instagram bio, Linktree has become something of an iconic Aussie tech success story.
Early adopters included artists such as Alicia Keys, Pearl Jam, the Red Hot Chilli Peppers and The Killers, as well as corporates such as Red Bull and Qantas.
This latest funding will be used for investment in the e-commerce aspect of the business, making it easier for transactions to happen in as few clicks as possible.
Over the past year, during the COVID-19 pandemic, people have spent more time online — and that’s where they’re making their purchasing decisions.
The way people interact with their favourite brands and content creators is changing, Alex Zaccaria said in a statement.
It’s about connecting to the customer, and tapping into their values.
“There’s no longer a need for brand-immersive websites or big campaigns to make a memorable impression or drive engagement,” he said.
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The team will also use the funding to open what it is calling a ‘multi-location content creator hub’ in Los Angeles, which will double up as a workspace for its growing, remote-first team there.
More hubs are expected to follow.