StoreMya marketing platform for content creators to connect with brands and monetize their content, announced today that it raised $18.5 million.
The company will use the money to help scale its network of 40,000 creators, including Alix Earlethe latest “It Girl” on the Internet with more than 10 million followers on TikTok and Instagram.
ShopMy's marketing platform equips creators with the tools they need to make money from their product recommendations, such as creating digital storefronts, accessing a catalog of millions of products, creating commissionable links, and chatting directly with businesses via a mobile application.
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 all in one. 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-tutoring startup while attending MIT; Chris Tinsley, MIT Sloan graduate; and food blogger Tiffany Lopinsky (chief operating officer). The idea for ShopMy came about while Tinsley was studying the creator economy in college.
“He saw a significant disconnect in the social media ecosystem: influencers were struggling to monetize their product recommendations effectively and their followers had no easy path to purchase. “Chris saw ShopMy as the solution, a bridge that transformed the way influencers share and monetize their product recommendations,” explains Rein.
The significant 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 by around $24 billion by the end of 2024, and the creative economy in general will be My dear will be worth $480 billion over the next three years. As VCs have told us in the past, influencer marketing platforms are considered one of the most investable categories in the creator economy because they consistently help creators make money.
Image credits: StoreMy
In recent years, several startups have emerged to launch platforms that connect creators and brands. Even Instagram has embraced creator marketing and launched a marketplace tool for paid partnerships in 2022. The marketplace has attracted thousands of creators and brands, and last month, Instagram launched it in eight more countries.
ShopMy says its direct competitors are LTK and SMILE, and its main differentiator is its unique characteristics. 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 a sense of their online presence and discover posts from new creators. ShopMy is exploring integrations for other social platforms like Substack and Pinterest.
The company recently introduced “Lookbooks,” which allows brands to submit gift requests and creators to choose products that fit their aesthetic. Since launching four months ago, Lookbooks has facilitated the distribution of more than $2 million in gift items, according to ShopMy.
ShopMy charges a commission on sales from creators. The company does not disclose the exact fee, but says it is “small.” Meanwhile, brands pay a subscription starting at $999. The cost increases depending on how many advanced features a brand wants.
Image credits: StoreMy
In addition to expanding its network, the new capital will go toward product development and hiring. 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).
