Investor capital continues to flow into the social shopping space, and ShopMy is the latest beneficiary. The New York-based creator commerce firm has announced a $70 million funding round that comes with a valuation of $1.5 billion.
Avenir led the round, which included participation from Bain Capital Ventures, Bessemer Venture Partners, and Menlo Ventures. Previous funding for the five-year-old firm has included an $8 million Series A from 2022 and a $77.5 million Series B announced last year.
ShopMy’s steady growth has been fueled by its prominent position within the creator economy. It is one of several companies that plays matchmaker between creators and brands, facilitating the completion of wide-reaching influencer marketing campaigns that result in earnings for all involved (including ShopMy, which takes a cut of the sales revenue it generates).
According to the latest figures shared by ShopMy, the company works with more than 1,200 brand partners, which it connects to a stable of 185,000 creators. The product recommendations shared by ShopMy’s influential affiliates result in $1 billion in annual platform sales.
“Word of mouth has always been the most powerful force in commerce, and we’re building the infrastructure to make it scalable,” said ShopMy President Tiffany Lopinsky in a statement. “We have deep conviction that curators are the future of brand distribution for the next generation of enduring companies. This investment lets us transform personal enthusiasm into measurable results at scale.”
The future of ShopMy will depend on the continued adoption of systems like affiliate marketing and creator ownership, which turn standouts on platforms like Instagram, TikTok, and YouTube into tastemakers. The latest numbers suggest that ecommerce is still a safe bet. An IAB report from earlier this year found that the “digital economy” now accounts for 18% of the U.S. GDP.
More recently, YouTube reported that 61% of 14-to-24-year-olds use its platform to discover new brands and products. To do that, they must turn to their favorite creators, so ShopMy is making sure that those influential individuals are properly connected to the branded products they recommend.
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