The influencer marketing industry continues to grow, and one company in that space is capitalizing on a major funding opportunity. ShopMy has set itself up for future expansion with a $77.5 million Series B funding round.
The round was co-led by Bessemer Venture Partners and Bain Capital Ventures, according to the Wall Street Journal. ShopMy works with more than 550 brands to bring influencer campaigns and affiliate links to a network of more than 100,000 creators. By playing the matchmaker between advertisers and microinfluencers, ShopMy generates revenue for itself (through subscriptions and sales cuts) and creators (through link commissions) while helping brands reach their goals.
ShopMy has typically applied that business model for brands in the beatuy, fashion, and makeup categories, but it plans to use its latest funding round to expand its scope, according to Harry Rein. The ShopMy Co-Founder told WSJ that his company will set its sights on wellness, maternity, family, and food and beverage — and advancements in AI will bring more value to the human-centered influencer world, too.
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“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,” Rein said. “That’s when we’ll be well positioned to really become a major player.”
Even if ShopMy has a clear path to the top of the ecommerce industry, it must contend with shifting perceptions of affiliate links. Despite increasing support from platforms like YouTube and Instagram, the affiliate marketing industry contains notable inefficiencies, as demonstrated by the ongoing link-poaching scandal involving browser extension Honey.
ShopMy’s plan to dress up the humble affiliate link involves some direct connections with creators. Brazilian YouTuber Camila Coelho and Instagram star Campbell Puckett are two backers who participated in the Series B round.
The latest jolt of funding added to the existing VC raised by the company formerly known as ShopMy Shelf. It picked up an $8 million Series A back in 2022.
