Linktree, a social networking firm that is well-known for its “link in bio” function, has raised $110 million (£84 million) in funding to support its regional expansion.

The link-in-bio category designer, based in Melbourne, links followers to their personal websites, social media accounts, and other recommendations.

With more than 24 million users, TikTok, Jamie Oliver, Joe Wicks, Stephen Fry, Ellie Goulding, Selena Gomez, Comedy Central, and Dwayne “The Rock” Johnson are just a few of the companies and musicians that utilize it worldwide.

“Link in bio” is a term that most Instagram users are undoubtedly aware with. Because Instagram only permits one URL in user biographies and does not enable post captions, many users build a basic website with several links for their followers.

Such “link in bio” services are offered by Linktree, however they are not exclusive to Instagram. Facebook and Shopify are two other companies that use it.

Index Ventures and Coatue spearheaded a $110 million fundraising round, in which Peanut CEO Michelle Kennedy and 20VC founder Harry Stebbings also took part. The company is currently valued at $1.3 billion.

Alex Zaccaria, co-founder and CEO of Linktree, stated, “We have grown beyond the traditional ‘link-in-bio’ company, connecting users’ fragmented online presence and establishing our position as a new sub-sector of the tech industry.”

Most of Linktree’s recent money will go into developing products that facilitate social commerce.

In order to keep Linktree at the top of the industry, he continued, “this funding will ensure we continue to innovate and develop tools that empower people to grow, curate, and monetise their digital universe.”

As it creates new tools and relationships in the markets, the media firm is eager to expand in the UK, which is currently its second-largest market.

“This round of funding will be used to recruit more talent so that we can accelerate the building of ground breaking tools. We created the ‘link in bio’ category, and have a very ambitious, passionate vision to empower anyone to curate and grow their digital presence.

“To do that, we will be building out market-leading, innovative tools that redefine what creators and brands can do online. And to do that, we need world class talent,” Zaccaria told Yahoo Finance UK.

Additionally, Mike Olsen, a former Twitch executive, has been appointed as the company’s US-based president.

“Over the past few years, the creator economy has grown rapidly and Linktree has led the way through innovations in discovery, engagement, and monetisation – there are so many commercial possibilities with an audience of this size,” Olson said.

According to Linktree, with 1.2 billion unique visitors each month, it is among the top 300 most popular online destinations worldwide.

Since its founding in 2016, Linktree has faced competition from a number of “link in bio” services, such as Beacons, Shorby, and Linkin.bio.