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ShopMy: Helping Influencers Earn More Revenue by Promoting Products Online

Image Credits: ShopMy
By: Headliners News / March 14, 2024

Meet ShopMy, a platform for creatives that empowers content creators to monetize their influence by connecting with brands, has secured $18.5 million in funding to further scale its operations. With a network of 40,000 creators, including notable figures like Alix Earle, ShopMy aims to revolutionize influencer marketing and enhance earning opportunities for creators.

The platform equips creators with essential tools to monetize their product recommendations effectively. These tools include building digital storefronts, accessing a vast catalog of products, generating commissionable links, and facilitating direct communication with companies through a mobile app. Creators on ShopMy have collectively earned tens of millions in commissions to date, demonstrating the platform’s effectiveness in driving revenue for influencers.

For brands, ShopMy serves as a talent discovery hub and campaign management platform, enabling them to collaborate with influencers seamlessly. Over 1,000 companies, including industry giants like Nike, NET-A-PORTER, and Chanel, have joined ShopMy’s network to leverage the power of influencer marketing.

The startup was founded back in 2020 by Harry Rein, Chris Tinsley, and Tiffany Lopinsky, ShopMy addresses the challenges faced by influencers in monetizing their content and streamlining the path to purchase for their followers. Inspired by the growing creator economy, the founders envisioned ShopMy as a solution to bridge the gap between influencers and consumers, transforming how product recommendations are shared and monetized.

The substantial funding round underscores investors’ confidence in the influencer marketing space, which is poised for significant growth. With the creator marketing industry projected to reach $24 billion by 2024 and the overall creator economy estimated at $480 billion in the next three years, influencer marketing platforms like ShopMy are attracting substantial investment.

ShopMy faces competition from platforms like LTK and GRIN but distinguishes itself with unique features tailored to the needs of creators and brands. For example, its “Social Mentions” feed allows brands to monitor organic mentions across various social media platforms, enhancing their online presence and facilitating collaboration with new creators.

The company recently introduced “Lookbooks,” a feature that facilitates gifting requests from brands and enables creators to curate products that align with their aesthetic. Since its launch, Lookbooks has facilitated the distribution of over $2 million worth of gifted items, highlighting its impact on influencer-brand partnerships.

ShopMy operates on a commission-based model for creator sales, while brands pay a subscription fee starting at $999, which varies based on desired features. The new funding will support ShopMy’s expansion efforts, including product development, network expansion, and hiring initiatives. Additionally, the company plans to onboard creators from diverse niches, such as maternity, fashion, fitness, wellness, and travel, to diversify its offerings and cater to a broader audience.

Led by Inspired Capital, the funding round also saw participation from AlleyCorp, Scott Belsky, Jennifer Fleiss, Rand Currier, and other prominent investors, underscoring the strong investor interest in ShopMy’s vision and potential for growth in the influencer marketing landscape.

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