To celebrate two years since its arrival in the UK, TikTok has launched a $70m (£54m) fund to nurture and promote talent in the UK and other European countries.

The Creator Fund will start with the $70m investment in the first year but is expected to rise to at least $300m (£231m) within three years. TikTok will share more information about the fund over the coming weeks.

“The UKs creative impact is almost without parallel in terms of its variety and influence and our platform reflects this. Every day, people on TikTok all over the UK bring together video and music, sparking new trends or riffing on a theme. This mishmash of memes, songs and hashtags is not only taking a new genre of creativity to a wider audience but also influencing mainstream culture,” said Rich Waterworth, General Manager for TikTok Europe.

“The rich cultural diversity here is hard to rival and were excited about how the Creator Fund can help to further nurture the potential of a new generation of creative talent.”

The launch of the European fund comes just a week after TikTok announced its $200m US Creator Fund, which is expected to grow to over $1bn in the next three years. Both funds will provide an additional avenue for creators in the US and Europe to monetise their content.

TikTok already helps creators to earn from their content through its Creator Marketplace, where brands, agencies, and marketers can discover and engage with TikTok creators on paid campaigns.

The short-form video app also has its $50m Creative Learning Fund for emerging teachers on its platform in the US and the app’s live streams, which enable US creators to host live shows for their audience.