ShopMy, a advertising and marketing platform for content material creators to attach with manufacturers and monetize their content material, introduced that it raised $18.5 million.

The corporate will use the cash to assist scale its community of 40,000 creators, together with Alix Earle, the most recent “It Woman” on the web with greater than 10 million followers on TikTok and Instagram.

ShopMy’s advertising and marketing platform equips creators with the instruments they should earn from their product suggestions, like constructing digital storefronts, accessing a catalog of thousands and thousands of merchandise, making commissionable hyperlinks and chatting instantly with corporations by way of cell app.

Thus far, creators have earned “tens of thousands and thousands in commissions” on the platform, the corporate tells For Millionaires.

For manufacturers, the platform is a expertise discovery hub and marketing campaign builder rolled into one. Greater than 1,000 corporations — similar to Nike, NET-A-PORTER, Chanel, Drunk Elephant and Tatcha — have joined ShopMy’s community.

ShopMy was based in 2020 by Harry Rein (CEO), a former Oracle software program developer who based an e-tutoring startup when attending MIT; Chris Tinsley, an MIT Sloan graduate; and Tiffany Lopinsky (COO), a Harvard graduate and meals blogger.

The thought for ShopMy happened whereas Tinsley was finding out the creator economic system in faculty.

“He noticed a major disconnect within the social media ecosystem: Influencers struggled to monetize their product suggestions successfully, and their followers didn’t have a simple path to buy. Chris considered ShopMy as the answer, a bridge that remodeled how influencers share and monetize their product suggestions,” Rein explains.

The sizable spherical means buyers proceed to take the influencer advertising and marketing house significantly. They usually’re most likely proper to take action — the creator advertising and marketing business is predicted to develop to round $24 billion by the tip of 2024, and the general creator economic system is estimated to be value $480 billion within the subsequent three years. As enterprise capitalists have advised us prior to now, influencer advertising and marketing platforms are thought-about one of the investible classes within the creator economic system as a result of they persistently assist creators earn cash.

Picture Credit: ShopMy

A number of startups have emerged lately to launch platforms that join creators and types. Even Instagram has embraced creator advertising and marketing, launching a market software for paid partnerships in 2022. {The marketplace} has attracted 1000’s of creators and types, and, this previous month, Instagram rolled it out to eight extra nations.

ShopMy says its direct opponents are LTK and GRIN, and its essential differentiators are its distinctive options. As an example, a “Social Mentions” feed lets manufacturers see all natural mentions throughout TikTok, YouTube and Instagram (together with expired Tales) to allow them to get an concept of their on-line presence and uncover posts from new creators. ShopMy is exploring integrations for different social platforms like Substack and Pinterest.

The corporate not too long ago launched “Lookbooks,” which permits manufacturers to ship gifting requests and permits creators to decide on the merchandise that match their aesthetic. Since launching 4 months in the past, Lookbooks has facilitated the distribution of over $2 million value of gifted gadgets, ShopMy touts.

ShopMy takes a fee on creator gross sales. The corporate isn’t disclosing the precise price however says it’s “small.” In the meantime, manufacturers pay a subscription beginning at $999. The price will increase relying on what number of superior contains a model needs.

Picture Credit: ShopMy

Along with increasing its community, the brand new capital will go towards product growth and hiring. Within the close to future, the corporate plans to just accept content material creators from different niches, similar to maternity, health, wellness and journey. ShopMy at the moment solely works with magnificence, life-style and trend influencers.

The spherical was led by Impressed Capital. Further buyers embrace AlleyCorp, Scott Belsky (Adobe’s chief technique officer), Jennifer Fleiss (Lease the Runway co-founder) and Rand Currier (Granite co-founder and COO).