Romanian venture capital fund Early Game Ventures, funded mostly through the Competitiveness Operational Program 2014-2020, led the financing round.
FameUp allows any Instagram user (soon also Facebook and Tik-Tok), with at least 500 followers, to make money by promoting various brands, products, or services. The platform aims to facilitate the contact between smaller influencers and brands and democratize the access to the promotion contracts reserved until today only to the influencers with tens of thousands of followers.
“FameUp is a platform open to anyone, not just celebrities,” says Ionut Patrascoiu, founder and CEO of FameUp. “We also give the possibility to those with a small number of followers on the social platforms Instagram, Facebook, or Tik-Tok to participate in promotion campaigns and to earn a substantial income. From this perspective, our startup is part of the gig economy, along with other technology companies such as Uber, Airbnb, or Glovo.”
New communication channel for small brands
The application also aims to become an alternative communication channel for small brands and family businesses, which do not have large promotion budgets. Small businesses such as cafes, restaurants, hair salons, and travel agencies can get promotion on social networks with little or no money, offering in return products or services such as a cappuccino or a manicure for a post made by a local influencer.
“The relevance and authenticity of these posts are much higher than those made by celebrities that are sometimes hundreds or thousands of miles away. And this can be seen in the immediate sales results,” Patrascoiu explains.
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