ShopMy secures $18.5 million to assist influencers in boosting their earnings through product promotion
ShopMy, a marketing platform catering to content creators seeking brand collaborations and monetization opportunities, has recently secured a notable funding round of $18.5 million. The infusion of capital will be instrumental in expanding ShopMy’s network of creators, which currently boasts 40,000 members, including notable influencers like Alix Earle, renowned for her substantial following across platforms such as TikTok and Instagram.
At its core, ShopMy’s platform empowers creators by providing essential tools for monetizing their content, such as creating digital storefronts, accessing extensive product catalogs, generating commissionable links, and facilitating direct communication with brands through a mobile app interface. According to the company, creators have collectively earned “tens of millions in commissions” through the platform to date.
For brands, ShopMy serves as a comprehensive talent discovery platform and campaign management tool, attracting over 1,000 companies ranging from established names like Nike, Chanel, and NET-A-PORTER to emerging brands like Drunk Elephant and Tatcha.
Founded in 2020 by a team consisting of Harry Rein (CEO), Chris Tinsley, and Tiffany Lopinsky (COO), ShopMy originated from Tinsley’s observations on the challenges faced by influencers in effectively monetizing their product recommendations. Recognizing the gap in the social media ecosystem, Tinsley envisioned ShopMy as a solution to streamline the process of influencer-driven commerce and enhance monetization opportunities for creators.
The substantial funding round underscores the growing investor interest in the influencer marketing space. As the creator marketing industry continues to expand, with projections reaching $24 billion by 2024, platforms like ShopMy are positioned at the forefront of this growth trajectory. With the overall creator economy estimated to reach $480 billion in the next three years, investor confidence in influencer marketing platforms remains strong, considering their pivotal role in facilitating revenue generation for creators.
