Tech firms that speed up and automate brands’ partnerships with social-media influencers are becoming hot commodities as advertisers scramble to reach consumers online
ShopMy, a technology company that helps brands run their influencer marketing efforts, said it has raised a $77.5 million Series B funding round co-led by venture-capital firms Bessemer Venture Partners and Bain Capital Ventures.
The investment values ShopMy at $410 million, up from an $80 million valuation in its most recent round in March 2024, according to people familiar with the matter. Other investors in the new round, which closed in December, include venture firms Menlo Ventures, Inspired Capital and AlleyCorp, as well as YouTube star Camila Coelho and influencers Jett and Campbell “Pookie” Puckett.
The funding continues a wave of investment that has washed into the creator marketing business over the past 12 months. Spending on influencer marketing is predicted to grow 14.2% year-over-year in 2025, more than social media advertising or digital advertising as a whole, according to predictions from research firm eMarketer.
ShopMy offers a number of tools, including those that help advertisers manage their gifting programs, identify effective so-called micro-influencers and generate commerce links for influencers in its network to share with followers.
Influencers get commissions when followers make purchases via ShopMy links, while advertisers use the links to track how many sales each influencer generates. ShopMy charges advertisers subscription fees as well as its own cut of sales that come through its links.
Technology platforms catering to influencer marketers are attracting more investment and clients as they get better at measuring and tracking whether and how money spent on creators leads to cold hard sales, said Chris Erwin, founder of creator economy advisory firm RockWater.
“Influencer marketing always used to be essentially the top-of-funnel, where you can drive awareness around products and services,” Erwin said. “So affiliate commerce, where creators create these shoppable storefronts or shoppable links and then have the technology and tools to actually convert those fans and audiences into paid customers of products, became really compelling.”
Four-year-old ShopMy said more than 550 brands have active subscriptions with the company, and more than 100,000 creators have signed up. ShopMy has engaged in marketing of its own to lure influencers over to its platform, including a poster campaign and a party at the swanky private members club Zero Bond during New York Fashion Week last September.
The social commerce space in the past few years has grown competitive and contentious. Mavely, a similar platform, was bought earlier this month by influencer and social-media marketing company Later for $250 million, while 14-year-old LTK, a platform co-created by influencer Amber Venz Box, last year accused ShopMy of false advertising, trademark infringement and unfair competition in a federal court. LTK later dropped the suit, saying ShopMy had stopped running the ads in question.
ShopMy has focused so far on beauty, fashion and skin-care marketing, but plans to use the investment to expand into advertising categories such as wellness, maternity, family and food and beverage, according to co-founder Harry Rein. It also aims to expand its advertiser base internationally.
ShopMy’s founders predict that more advertisers will naturally gravitate toward influencer marketing as AI-generated visuals begin to creep into other ad formats.
“AI has not really infiltrated advertising yet in the way that it’s about to, and when that happens, our theory is that the human-connection recommendation systems are going to become even more dominant,” said Rein, who started the company with Tiffany Lopinsky and Chris Tinsley. “That’s when we’ll be well positioned to really become a major player.”
The affiliate marketing tech space is large enough for multiple businesses to survive, Erwin said.
“I don’t think this is a category where winner takes all,” he said, “but more likely, where winner takes most.”
Feature Image Credit: Tyler Joe
