TagMango’s former investor Pioneer Fund also participated in the funding round expressing their firm belief in the vision and mission of the brand.
TagMango, a Mumbai-based homegrown creator monetization startup announced that it has raised an undisclosed amount of funds in Pre Series-A funding round from leading investors including JAM Fund (Founder of Tinder, Justin Mateen), Ankur Nagpal (Founder of Teachable), Soma Capital, TA Ventures & Belief Partners. The funding round also saw participation from prominent creators such as Varun Duggirala, Evan Luthra, Prakhar Gupta & MSB Vision. TagMango’s former investor Pioneer Fund also participated in the funding round expressing their firm belief in the vision and mission of the brand.
The creator economy that stands at a massive $100 billion is rapidly evolving in terms of numbers with each passing day. However, the sources of monetisation in terms of brand collaborations and platform advertising are not increasing at the same rate. Owing to which, out of 50 Mn+ creators across the globe, 90% of them aren’t able to make a living out of content creation. This is what TagMango aims to solve.
It provides opportunities to creators, irrespective of their scale (nano to macro) to monetise all their direct-to-consumer interactions by selling live workshops and cohort based courses. TagMango introduces one feature at a time, learning from different requirements of the users to build and improve a complete circle of creator monetization. With NFT’s being an important part of the creator community, TagMango is now focusing on building an online store where creators can sell NFT’s, and build paid communities.
The sectors that the platform is currently focusing on are finance, education, value-tainment and food. Some prominent creators that have recently joined TagMango are Chef Sanjeev Kapoor, Yashraj Mukhate, Kunal Kamra, Director Anand Gandhi, stock traders Sagar Sakhare, Kumar Jay and Nishaan Singh.
In December 2020, the start-up raised around INR 5.5 Crore/ USD 750K in a seed round funding led by Y Combinator, Kevin Lin (Co-founder of Twitch), XRM Media, Pioneer Fund, and Angel Investors from the USA & UAE province which empowered them to construct tech abilities and enhance its creator base with a sharp spotlight on India. With over 63% retention rate in Q3, TagMango now has over 400+ actively monetising creators onboard who earn a living on the platform with a month-on-month growth rate of over 65%. The homegrown creator monetization startup has a 30 member team and is targeting a revenue of over $10M in creator earnings for the next year.
Divyanshu Damani, Co-founder of TagMango, said, “Being a creator myself, I’ve witnessed the hurdles and challenges of content creators from a very close proximity, the most significant being content monetization. Especially, with the influx of content creators in recent years, monetization opportunities has become a mammoth of a challenge for creators. With TagMango, our vision is to turn content creators into entrepreneurs by giving them the reins to monetise and scale their interactions with our tools and support. Therefore, with in-depth expertise and noteworthy experience in content creation, we’re building a one-stop shop for creators combined with a community first approach. “
“The Creator economy has completely transformed from just ‘posting’ on social media to a full-fledged industry that is rapidly venturing into new-age ideas and technology. With crypto-currencies, the meta-verse and Web 3.0 gaining prominence, these creators might be the early-adopters into something that will shape the future of not just content creation but the internet as a whole. Identifying and building for this ‘future’ is what we’ll use the raised funds for.” added Mohammad Hasan, Co-founder of TagMango.
Adam Lurie, Creator Rising, said, “Content creation industry is at the cusp of revolution- new formats, trends and platforms are emerging with each passing day. Evolving with the rapidly changing times and building for the future is imminent & TagMango is one such platform that’s building for the future of the industry. I am certain that it will witness immense growth in the upcoming years. Hence, I am excited to join the TagMango bandwagon along with some notable investors.”
Source: Business World