Social media startup Linktree secures $110m funding to drive expansion
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 Melbourne-headquartered link-in-bio category creator directs followers to creators’ social media profiles, personal websites and other recommendations.
With over 24 million users, it is utilised by artists, and brands globally 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.” As Instagram does not allow post captions, and users are only allowed one URL in their bios, so many create a simple website with multiple links for their followers.
Linktree provides such “link in bio” services but it is not limited to one Instagram. It is also used by Shopify and Facebook amongst others.
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The $110m 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 $1.3bn.
"We have grown beyond the traditional 'link-in-bio' company, connecting users’ fragmented online presence and establishing our position as a new sub-sector of the tech industry,” Alex Zaccaria, co-founder, and CEO of Linktree, said.
Linktree’s latest funding will be used on tools that make social commerce easier.
“This funding will ensure we continue to innovate and develop tools that empower people to grow, curate, and monetise their digital universe, maintaining Linktree as the market leader,” he added.
The media startup is keen to grow in the UK, already its second largest market, as it develops new tools and partnerships in the markets.
“This round of funding will be used to recruit more talent so that we can accelerate the building of ground breaking tools. We created the ‘link in bio’ category, and have a very ambitious, passionate vision to empower anyone to curate and grow their digital presence.
"To do that, we will be building out market-leading, innovative tools that redefine what creators and brands can do online. And to do that, we need world class talent," Zaccaria told Yahoo Finance UK.
The company has also secured former Twitch executive Mike Olsen as its US-based president.
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“Over the past few years, the creator economy has grown rapidly and Linktree has led the way through innovations in discovery, engagement, and monetisation – there are so many commercial possibilities with an audience of this size," Olson said.
Linktree said it is among the top 300 most popular website destinations globally, with 1.2 billion unique visitors a month.
Founded in 2016, Linktree now competes with a roster of “link in bio” services, including Shorby, Linkin.bio, and Beacons.
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