Startup of the Day: Lithuanian influencer marketing automation tool Agenic
The Vilnius-based startup Agenic develops the influencer marketing campaign automation platform. It was launched in August 2022 by Tomas Vasiliauskas and Viačeslavas Ruckis, and has already raised €120,000 investment for the product’s functionality expanding.
In the Startup of the Day column, co-founder and CEO at Agenic Tomas Vasiliauskas shares details about the startup’s idea, its product, and future plans.
The Startup of the Day column on AIN.Capital is dedicated to tech projects from all sectors that originated from the CEE countries. If you would like to introduce your project, please fill in the questionnaire.
Tell us about your startup. How does it work?
Agenic is a digital “transformer” of social media marketing. Now we are at the first stage of three.
- Stage 1 is about a marketing automation tool for digitizing influencer marketing. Data-driven solutions used by the startup reduce manual and administrative work by up to 80%, which cuts costs by up to 20 times. It also speeds up the release of campaigns and allows businesses to quickly expand to other markets with influencers from different social media channels.
- Stage 2 — MarTech tool for marketing content research of your competitors. This tool will allow businesses to do all of their social media marketing from just one platform by comparing their creative performance with their competitors and by analyzing the competitors’ marketing history — both the success cases and failures — to their benefit. Also, this platform will offer an easy way to figure out the most effective social media platforms for communicating with your audience and finding new followers.
- Stage 3 — automated tool for leveraging your followers and getting Zero Party Data without spending too much. In short, an automated messaging platform that offers a thorough segmentation of your audiences and helps reach each of your followers with an individual touch. This precise targeting and human-like communication is sure to help convert followers into sales.
How did you come up with the startup’s idea? What was the reason/motivation behind it?
After coming to know many people from the influencer marketing industry, we could not notice that in this technology era, the processes are the same as in the digital ads business in the ’00s. That’s why we’ve decided to do something about it.
How long did it take you to reach MVP? What difficulties did you encounter?
Probably between 6-10 months. It took some time because we did not want to start creating a product just to put it “on the shelf.” It is essential for us to understand how, when, and where we can create the most added value for the business.
When exactly did you launch your product? Or when the launch is planned?
The official launch is planned for August 15. However, we are already working with some businesses that were early adopters right from the beginning.
Tell us about the stratup’s business model. How do you monetize your product?
Businesses can execute a whole influencer campaign starting from just $100.
What are your target markets and consumers?
Currently, we are working in four markets (Baltic States and Poland). However, when we reach the 2nd and 3rd Stages, we will also enter the US and Canada markets.
Our consumers are businesses that are on social media and with one of their sales channels based on social media.
If the startup has already launched the product, what are the results: metrics, income, or any clear indicators that can be evaluated.
Due to automatization, we can reduce costs by up to 20 times; reduce manual and administrative work by 80%; deliver higher success rates for business campaigns, ROAS up to 19.8; shorter campaign initiation phase by 350%.
What about your team? How many people are working in the startup? If you’re looking for new employees, indicate whom exactly.
There are seven people currently working on the startup.
Have you already raised any investments? Provide us with more details on each funding round: the amount, investors, the purpose of the investment.
Recently we received €120,000 investment from an angel investor.
What’s next? Tell us about your future plans.
The closest future plan of the startup is to start fulfilling obligations to their customers who, up until now, were on the waitlist for the product and continue expanding the platform’s functionality. Those already working with us can expect new and unique functionality on our platform to be launched very soon.
It will provide new opportunities for businesses to guide existing digital audiences into conversions and collect Zero Party Data from social media networks. This will be a significantly more effective and cheaper way to reach a digital audience on social networks than paid advertising.