Timothy Armoo, a 28-year-old entrepreneur born in Hackney to Ghanaian parents, co-founded the Gen Z influencer company Fanbytes at 21. The company, initially focused on connecting social media campaigns with brands and content creators, grew rapidly and became lucrative attracting the attention of global giants.
Armoo disclosed that he sold Fanbytes for eight figures, becoming a millionaire before turning 30. The company, founded in 2017, now collaborates with major global players such as Estee Lauder and Samsung, according to Daily Mail.
Speaking on the 90s Baby Show podcast, he explained to hosts Temi Alchemy, Fred Santana, and Dennis Skinner how his innovative idea led to an eight-figure deal within five years. He sold the company to Internet marketing agency Brainlabs in May 2022. Armoo, who started his first business at age 14, shared insights on his journey to becoming a “multi, multi-millionaire”.
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In a YouTube video, he explained what went into the creation of Fanbytes, the company he co-founded. He described Fanbytes as a combination of software and services designed to assist brands in executing influencer campaigns.
Brands approaching Fanbytes to reach a Gen Z audience would receive assistance in identifying influencers on platforms like YouTube, TikTok, Instagram, and Snapchat.
Armoo emphasized that the company’s role was devising creative strategies and executing influencer campaigns for clients.
“The difference is that we used a lot of tech to do that so we had our platform where brands would activate their campaigns, approve influencers, approve data, and all that stuff. But it was very much a tech-enabled agency.”
Asked whether he still owned the company’s intellectual property (IP), the young genius said the intellectual property (IP) of Fanbytes was intentionally sold during the acquisition by Brainlabs last year.
He explained his strategic decision, stating that when contemplating the eventual sale of the business, he considered whether the valuation would be based on a multiple of profit or a multiple of revenue.
“If you’re more of a techie business you’ll get valued on a multiple of revenue. If you don’t have any tech, you’re just selling your time etc. You’ll get valued on a multiple of profit.”
Responding to questions on how he acquired knowledge of the business field at the age of 21, Armoo revealed that he gained insights through reading, citing self-help books like “Built to Sell.” At just 14, he founded his first business — a tutoring company — while also helping other students make money.
Reflecting on the inception of Fanbytes, he disclosed that he foresaw the influencer market evolving. “When I thought about the idea of Fanbytes I was like okay this influencer thing is gonna be independent and then at some point there’s gonna be consolidation. I’ve seen it happen in TV, I’ve seen it happen in radio, I’ve seen it in PR. .. It’s a game of marketing.”
He claimed that it took Fanbytes almost six years to reach its peak and advised aspiring entrepreneurs to stay in the game, grow their presence, and eventually position themselves for acquisition.
He said Fanbytes commenced business in 2017 and ended up employing 75 staff, with co-founder Ambrose and CTO Mitchell playing crucial roles in the company’s development.
“Ambrose was my COO (Chief Operations Officer) he would make the machine run while I would invent the machine.
“In October 2021 we got approached by three different companies in six weeks. I have never experienced that before.
“[They were] like ‘hey you know are Fanbytes thinking of getting to the next level?’.” “That’s the phrase they always use,” he joked. “Getting to the next level” or “strategic partnerships’.
Before the success of Fanbytes, Armoo experienced a series of trials and errors, including several setbacks and “hell of flops.”
One notable venture was Entrepreneur Express, launched at the age of 17 and sold after just eleven months.
Fanbytes emerged as a successful venture after these earlier challenges in Armoo’s entrepreneurial journey.
