Society Icon has built a platform that connects influencers with brands and primarily targets micro-influencers. Customers can post campaigns that influencers can link to and then get paid depending on how well they spread it. The list of clients included companies such as Klarna, H&M, and Aller media.
The company had big plans and expanded in both Denmark and Norway and also wanted to enter the UK. They’ve taken 6 million from, among other things, Serendipity and are aiming to reach a sales figure of 50 million in 2021.
“In the long term, we not only want to challenge and change marketing in general, but also want to enhance customer experience and the relationship between companies and customers, and at the same time automatically create cost- and time-saving marketing and sales operations,” said the founder. Moses Harrigot To Breakit 2019.
But this did not happen. Instead, turnover landed at SEK 24 million with a deficient result of just over SEK 4 million.
And now the story seems to be over. Last week, the company filed for bankruptcy with the Stockholm District Court. He writes Resumé Magazine.
The company has never made a profit, and the total losses have reached 13 million since its foundation.
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