If you browse Instagram, you are probably familiar with the term “link in bio.” Links aren’t allowed in post captions, and users are only allowed one URL in their bios, so many create a simple website with multiple links for their followers. Linktree, one of the most popular “link in bio” services with more than 12 million users, announced today it has raised $ 45 million in Series B funding. The round was co-led by Index Ventures and Coatue, with participation from returning investors AirTree Ventures and Insight Partners.
Coatue chairman Dan Rose will join Linktree’s board of directors. The Sydney, Australia-based startup’s last round was a $ 10.7 million Series A announced in October 2020. Linktree’s latest funding will be used on tools that make social commerce easier.
Linktree says about a third, or 4 million, of its users signed up within the last three months. This is in partly because people have been spending more time on social media and e-commerce shopping during the pandemic.
Founded in 2016, Linktree now competes with a roster of “link in bio” services, including Shorby, Linkin.bio and the recently launched Beacons.
“When we launched Linktree, we created an entirely new category. We were first to market and, with over 12 million users globally, still hold 88% of market share,” founder and chief executive officer Alex Zaccaria told TechCrunch. “Inevitably we’ve seen plenty of competitors pop up as a result, but part of the uniqueness of Linktree is its deceptively simple design.”
Zaccaria added that one of Linktree’s differentiators is its adoption by users in a wide range of categories, including health and wellness, real estate, sports, music, politics, publishing and food. It’s used for bio links by Shopify, Facebook, TikTok, YSL, HBO and Major League Baseball, and celebrities like Jonathan Van Ness, Jamie Oliver and Pharrell.
“We might have started as a link-in-bio tool, but over time Linktree has evolved and the platform has become a social identity layer of the internet. Our vision for how the platform will sit at the intersection of digital self-expression and action means we’re thinking boldly when it comes to our roadmap.”