Marketing platform ShopMy has announced an $18.5 million raise, allowing them to expand their network of over 40,000 creators and attract big names like Alix Earle, known as the latest “It Girl” on social media. With a strong focus on monetization, ShopMy equips creators with the necessary tools, from building digital storefronts to accessing millions of products, making commissionable links, and directly communicating with brands through the mobile app.
According to TechCrunch, creators on the platform have earned “tens of millions in commissions” to date, highlighting the platform’s success and value for content creators.
But ShopMy isn’t just about connecting creators with brands – for companies, it serves as a talent discovery hub and campaign builder all in one. Over 1000 brands, including big names like Nike, NET-A-PORTER, Chanel, Drunk Elephant, and Tatcha, have joined the ShopMy network.
The team behind ShopMy, consisting of CEO Harry Rein, MIT graduate Chris Tinsley, and food blogger Tiffany Lopinsky, designed the platform to bridge the disconnect between influencers struggling to monetize and their followers wanting an easy path to purchase. This inspiration came to Tinsley while studying the creator economy in college, and together, they brought ShopMy to life.
“[Tinsley] observed a significant disconnect in the social media ecosystem: influencers struggled to monetize their product recommendations effectively, and their followers didn’t have an easy path to purchase,” explains Rein.
With its latest raise, investors are taking the influencer marketing space seriously, and for good reason. The creator marketing industry is expected to reach around $24 billion by 2024, with the overall creator economy estimated at a whopping $480 billion in the next three years. Venture capitalists continue to show strong interest in influencer marketing platforms, considering them one of the most investible categories in the creator economy – and ShopMy is no exception.
While the influencer marketing space continues to grow, ShopMy faces competition from other startups such as LTK and GRIN. However, the platform boasts unique features, including a “Social Mentions” feed that allows brands to see all organic mentions across various social media platforms, such as TikTok, YouTube, and Instagram. They are also exploring integrations with other platforms like Substack and Pinterest.
Recently, ShopMy launched their “Lookbooks” feature, allowing brands to send gifting requests and giving creators the freedom to choose products that fit their aesthetic. Within just four months, Lookbooks has facilitated the distribution of over $2 million worth of gifted items – a notable achievement for the platform.
ShopMy earns a commission on each creator sale, which they choose not to disclose but assure is “small.” Brands, on the other hand, pay a subscription starting at $999, with the cost increasing depending on their preferred advanced features.
In addition to expanding their network and enhancing their platform, ShopMy plans to accept content creators from other niches, such as maternity, fitness, wellness, and travel, in the near future. Currently, the platform focuses on beauty, lifestyle, and fashion influencers.
The latest funding round was led by Inspired Capital, with additional investments from AlleyCorp, Adobe’s Chief Strategy Officer Scott Belsky, Rent the Runway co-founder Jennifer Fleiss, and Granite co-founder and COO Rand Currier. With this new capital, ShopMy plans to continue growing its user base, improving its product, and expanding its team.
