ShopMy, a marketing platform enabling content creators to collaborate with brands and monetize their content, recently announced securing $18.5 million in funding. The investment will be utilized to further expand its network of 40,000 creators, including Alix Earle, a prominent influencer with over 10 million followers on TikTok and Instagram.
The platform provides creators with tools to earn from their product recommendations, such as building digital storefronts, accessing a vast catalog of products, creating commissionable links, and communicating directly with companies via a mobile app. According to ShopMy, creators have earned “tens of millions in commissions” on the platform to date.
What is ShopMy?
For brands, ShopMy serves as a talent discovery hub and campaign builder. Over 1,000 companies, including Nike, NET-A-PORTER, Chanel, Drunk Elephant, and Tatcha, have joined the platform.
Founded in 2020 by Harry Rein (CEO), Chris Tinsley, and Tiffany Lopinsky (COO), ShopMy originated from Tinsley’s observation of a disconnect in the social media ecosystem, where influencers struggled to monetize their product recommendations effectively, and their followers faced challenges in making purchases. This insight led to the development of ShopMy as a solution, bridging the gap between influencers and product monetization.
The recent funding round underscores investors’ confidence in the influencer marketing space, which is expected to reach around $24 billion by the end of 2024, with the overall creator economy estimated to be worth $480 billion in the next three years.
Image Credits: ShopMy
What’s Next
ShopMy’s direct competitors are LTK and GRIN, with its main differentiators being unique features such as the “Social Mentions” feed, allowing brands to track organic mentions across various social media platforms, and “Lookbooks,” enabling brands to send gifting requests to creators. The company plans to expand its network to include creators from other niches, such as maternity, fitness, wellness, and travel.
The funding round was led by Inspired Capital, with additional investors including AlleyCorp, Scott Belsky (Adobe’s chief strategy officer), Jennifer Fleiss (Rent the Runway co-founder), and Rand Currier (Granite co-founder and COO).
