ShopMya marketing platform for content creators to connect with brands and monetize their content, announced that it has raised $18.5 million.
The company will use the money to strengthen its network of 40,000 creators, including Alix Earlthe latest “It Girl” on the internet with over 10 million followers on TikTok and Instagram.
ShopMy’s marketing platform equips creators with the tools they need to monetize their product offerings, including creating digital storefronts, accessing a catalog of millions of products, creating orderable links, and chatting directly with companies through the app for mobile phones.
To date, creators have earned “tens of millions in commissions” on the platform, the company tells TechCrunch.
For brands, the platform is a talent discovery hub and campaign builder. More than 1,000 companies — including Nike, NET-A-PORTER, Chanel, Drunk Elephant and Tatcha — have joined the ShopMy network.
ShopMy was founded in 2020 by Harry Rein (CEO), a former Oracle software developer who founded an e-learning startup while attending MIT. Chris Tinsley, MIT Sloan graduate. and Tiffany Lopinsky (COO), Harvard graduate and food blogger.
The idea for ShopMy came about while Tinsley was studying the maker economy in college.
“He noticed a major disconnect in the social media ecosystem: Influencers struggled to monetize their product endorsements effectively, and their followers didn’t have an easy path to purchase. Chris saw ShopMy as the solution, a bridge that changed the way influencers share and monetize their product recommendations,” explains Rein.
The big round means investors continue to take the influencer marketing space seriously. And they’re probably right to do so — the creator marketing industry is expected to grow approx 24 billion dollars by the end of 2024, and the overall creator economy is is appreciated worth $480 billion over the next three years. As venture capitalists have told us in the past, influencer marketing platforms are considered one of the most invested categories in the creator economy because they consistently help creators make money.
Image Credits: ShopMy
Several startups have emerged in recent years to launch platforms that connect creators and brands. Even Instagram has embraced creator marketing, launching a marketplace tool for paid collaborations in 2022. The marketplace has attracted thousands of creators and brands, and last month Instagram rolled it out to eight more countries.
ShopMy says its direct competitors are LTK and GRIMACE, and its main features are its unique features. For example, a Social Mentions feed allows brands to see all organic mentions on TikTok, YouTube and Instagram (including expired stories) so they can get an idea of their online presence and discover posts from new creators. ShopMy is exploring integrations for other social media platforms such as Substack and Pinterest.
The company recently introduced “Lookbooks,” which allow brands to send gift requests and allow creators to select products that fit their aesthetic. Since launching four months ago, Lookbooks has facilitated the distribution of more than $2 million worth of gift items, ShopMy touts.
ShopMy gets a commission on creator sales. The company isn’t disclosing the exact fee, but says it’s “small.” Meanwhile, brands pay a subscription starting at $999. The cost increases depending on how many advanced features a brand wants.
Image Credits: ShopMy
In addition to expanding its network, the new capital will be used for product development and recruitment. In the near future, the company plans to accept content creators from other niches, such as motherhood, fitness, wellness and travel. ShopMy currently only works with beauty, lifestyle and fashion influencers.
The round was led by Inspired Capital. Additional investors include AlleyCorp, Scott Belsky (chief strategy officer at Adobe), Jennifer Fleiss (co-founder of Rent the Runway) and Rand Currier (co-founder and COO of Granite).
