"ShopMy, which runs a platform that helps creators monetise their followings with affiliate links, brand sponsorships and other opportunities, said Wednesday it raised $70 million at a $1.5 billion valuation. Led by investment management firm Avenir with participation from Bain Capital Ventures, Bessemer Venture Partners and Menlo Ventures, the round also attracted several high-profile investors, including influencers Sofia Richie Grainge and Aimee Song; Raissa Gerona, the chief brand officer at Revolve and Beautycounter founder Gregg Renfrew."
"ShopMy co-founder and chief executive Harry Rein told The Business of Fashion that the company's unicorn status is "validation that how people shop has fundamentally changed." "Our investors see the same opportunity we do, that authentic recommendations will replace advertising as the primary way premium brands grow," he wrote in an email. "For our team, it's proof that betting on human curation and taste was the right call, and that the future of shopping will be built around trust, not algorithms.""
"This was ShopMy's third funding round in under two years. Most recently, it raised $77.5 million at a $410 million valuation in March 2024. The company has grown rapidly since its founding in 2020. Revenue increased by 200 percent in the past year, and it reached profitability in 2024, emerging as the biggest challenger to LTK, which a decade earlier helped pioneer many of the monetisation strategies used by influencers today. LTK was valued at $2 billion in 2021 after an investment from SoftBank."
ShopMy operates a platform that helps creators monetize followings through affiliate links, brand sponsorships and other opportunities. The company raised $70 million at a $1.5 billion valuation in a round led by Avenir, with participation from Bain Capital Ventures, Bessemer Venture Partners and Menlo Ventures and several high-profile investors and influencers. ShopMy previously raised $77.5 million at a $410 million valuation in March 2024. Revenue grew 200 percent in the past year and the company reached profitability in 2024, positioning it as the largest challenger to LTK. The company plans to expand engineering and product teams, invest in machine learning and personalization, and build tools for brands and influencers.
Read at The Business of Fashion
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