Finnish start-up Exolyt kicks off its funding journey with a €450,000 pre-seed raise from Helsinki-based B2B SaaS VV firms Trado Capital and Founder’s Edge.
"We are fortunate to find investors who have a robust entrepreneurial background, share our passion for creating something new, and have the experience of turning it into a success story,’’ says Henri Malkki, CEO and Co-founder of Exolyt.
The Exolyt platform gives insights to support marketers, product managers, and creators grow on social media by navigating and learning from short-form video platform TikTok – keeping up with the pace of TikTok can be a real challenge for businesses.
Despite national security concerns in the US, Canada and Europe, continues to throw up high user figures - in 2022, TikTok was the most downloaded app worldwide. Currently, it has over 800 million active monthly users and over 3 billion downloads. Due to the high engagement figures of TikTok videos many businesses are beginning to realise the potential of the Chinese-owned platform.
"As the TikTok market grows exponentially, we recognised the absence of tools that can provide holistic, actionable insights for companies. So, Exolyt focused on providing higher value KPIs with not only data-driven performance monitoring but also intelligent social listening and intuitive insights that can disrupt modern approaches to social media strategy and consumer marketing,’’ says Malkki.
Funds will be used to scale the development of higher-value TikTok analytics features for business end-users and expanding sales and marketing - Exolyt has built an AI-powered platform that interprets TikTok user behaviour and performance analytics to give businesses a foresight into the brand’s growth potential.
‘‘We recognised Exolyt has the potential to be a forerunner in its own space as they have the ability to capture market trends. Our understanding of value creation by growth companies led us to invest in this team of young and passionate founders who have been successful serial entrepreneurs in the past. So we hope to support them in internationalising this venture,” says Trado Capital.
It is estimated that the Influencer Marketing Platform Market will have a compound annual growth rate (CAGR) of 33.4% by 2030. The market comprises of influencer and campaign management, analytics, and reporting, search, and discovery tools. Exolyt currently provides analytics, reporting, and discovery features and aims to expand on that for trend forecasting and semantic content analysis.