ShopMy, the leading marketing platform designed to empower content creators by facilitating brand connections and content monetization, proudly announces its successful funding round of $18.5 million.
With a commitment to enhancing the opportunities for its network of 40,000 creators, ShopMy aims to amplify its reach and impact within the influencer community. Notable influencers such as Alix Earle, a prominent figure with over 10 million followers across TikTok and Instagram, are already leveraging the platform’s innovative tools and resources.
ShopMy’s comprehensive marketing platform equips creators with essential tools to monetize their content effectively. From establishing digital storefronts to accessing an extensive catalog of millions of products and creating commissionable links, the platform empowers influencers to optimize their earning potential. Additionally, creators can seamlessly communicate with brands through the ShopMy mobile app, fostering collaboration and streamlining the content creation process.
Since its inception, ShopMy has facilitated creators in earning “tens of millions in commissions,” underscoring its commitment to driving tangible results for its users. Moreover, for brands, ShopMy serves as a pivotal talent discovery hub and campaign facilitator, with over 1,000 renowned companies, including Nike, NET-A-PORTER, Chanel, Drunk Elephant, and Tatcha, embracing the platform.
Founded in 2020 by a team of industry visionaries, including Harry Rein (CEO), Chris Tinsley, and Tiffany Lopinsky (COO), ShopMy originated from a shared passion for empowering creators within the burgeoning creator economy. The platform’s inception was inspired by Tinsley’s exploration of the creator economy during his college years, highlighting the team’s foresight and dedication to innovation.
Recognizing a notable gap in the social media landscape, Chris identified a pressing challenge: influencers encountering difficulties in effectively monetizing their product endorsements, while their followers faced obstacles in making purchases. It was this observation that sparked the inception of ShopMy—a transformative platform envisioned to bridge this gap and revolutionize the way influencers engage with and monetize their product recommendations,” explains Rein.
The substantial funding round underscores investors’ continued confidence in the influencer marketing sector. This confidence is well-founded, given the projected growth of the creator marketing industry to approximately $24 billion by the end of 2024. Moreover, the broader creator economy is estimated to reach a staggering $480 billion within the next three years. Venture capitalists have consistently regarded influencer marketing platforms as highly investible entities within the creator economy, owing to their demonstrated ability to facilitate creators in generating income.
In recent years, the landscape has witnessed the emergence of various startups unveiling platforms aimed at facilitating connections between creators and brands. Notably, even Instagram has embraced creator marketing, introducing a marketplace tool for paid partnerships in 2022. The marketplace has garnered significant traction, attracting thousands of creators and brands. Just last month, Instagram expanded its reach by rolling out the tool to eight additional countries.
According to ShopMy, its primary competitors include LTK and GRIN, with its key distinguishing factor being its array of unique features. Notably, its “Social Mentions” feed stands out, enabling brands to monitor all organic mentions across TikTok, YouTube, and Instagram, including expired Stories. This feature provides brands with insights into their online presence and facilitates the discovery of posts from new creators. ShopMy is also exploring integrations for other social platforms such as Substack and Pinterest.
Recently, the company introduced “Lookbooks,” a feature allowing brands to send gifting requests and enabling creators to select products that align with their aesthetic preferences. Since its launch four months ago, Lookbooks has facilitated the distribution of over $2 million worth of gifted items, a milestone that ShopMy proudly highlights.
In terms of revenue model, ShopMy earns a commission on creator sales, with the exact fee undisclosed but described as “small.” On the other hand, brands are charged a subscription fee starting at $999, with costs increasing based on the inclusion of advanced features desired by the brand.
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