Havas Group and several other groups have invested $10 million in Series A funding in Octoly, an influencer marketing platform with 1 billion subscribers.
Octoly launched in France two years ago and has since built a team of over 60 people in flagship offices in Paris and New York. The platform acts as a gifting marketplace which connects a growing community of over 10,000 women influencers who specialize in beauty, fashion and lifestyle brands.
Through the platform influencers can access a curated selection of products free of charge and in return they create original content and publish reviews for their followers on Instagram or YouTube. They receive no monetary compensation.
According to Havas, Octoly's community represents a total of one billion followers across five countries including the United States, France, Spain, Italy, and Germany.
Over 200,000 products have already been sent to influencers worldwide. There are now over 200 participating brands including Dior, Sephora, Milk Makeup, OPI, Clarins and Urban Decay.
Commenting on the investment, Havas Group CEO Yannick Bollore stated, "We decided to support Octoly as earned media is becoming more and more important in the marketing mix for our customers. We strongly believe that the value of Octoly is in its capacity to deliver unbiased reviews for brands. Authenticity is the cornerstone of influencer marketing which is now a billion-dollar industry.”
Other investors in the funding round include Otium Venture, Twins Partners and the EU's SME Instrument program.