VCs invest $11m in Singapore talent agency
Gushcloud International, a digital talent agency based in Singapore, has received $11 million from a group of regional VCs and US hip-hop mogul Russel Simmons (pictured).
Indonesia’s GDP Venture led the round. Additional contributions came from KB Investments, Kejora Ventures, Golden Equator Capital, and Korea Investment Partners (KIP). Golden Equator and KIP participated via a jointly managed Southeast Asia fund launched last year with a target of S$120 million ($87 million).
Gushcloud is a marketing and entertainment-based agency that aims to connect audiences and brands with influencers and content creators through a range of media, sales, distribution, and licensing services, including intellectual property management. It operates out of 10 offices globally, including nine in Asia and one in the US.
The company was founded in 2011 by Althea Lim and Vincent Ha and acquired by Korea’s Yello Digital Marketing Global in 2015 for an undisclosed sum. Lim and Ha realized a full buy-back of the company late last year for a reported $8.2 million. The current plan involves deeper penetration into the China and US markets, as well as development of a social commerce business line.
Simmons, who is known for co-founding the music label Def Jam Recordings, will act as president and facilitate the set-up of US headquarters in Los Angeles. This is hoped to better meet the needs of its US-based creators, celebrities, and influencers, and establish an international roster for export into Southeast and North Asia, including China.
“There is a gap in the market for effective talent representation of the West in the East and vice versa that Gushcloud International with its infrastructure is uniquely positioned to bridge,” Simmons said in a statement. “By doing so, we can bring people of different cultures with similar lifestyle aspirations and goals closer together. This will create a powerful effect on fashion, film, television, music, sports and even politics.”
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