ShopMy has closed $8M in Series A funding led by Rand Currier as well as a group of private investors including Justin Kan, the founder of Twitch. ShopMy allows creators to easily streamline their affiliate marketing and paid sponsorships efforts with brands at a time when paid social and paid search are becoming more expensive and less effective.
Established in 2020 by Chris Tinsley, Harry Rein and Tiffany Lopinsky, a trio of technologists from MIT and Harvard, the mission of the compnay is to simplify the monetization process for creators who frequently share their product recommendations over social media.
The platform offers influencers and creators an easy access to millions of commissionable products and using a data-driven approach to better connect brands with creators who love their products.
“Creators play such a significant role in guiding consumers’ purchasing decisions, so our mission is to build an affiliate platform that fairly reflects and rewards creators for their impact. We’re grateful to our investors who share our vision and we’re looking forward to continuing to innovate in this growing sector,” ShopMy CEO and Co-Founder, Chris Tinsley said.
ShopMy is bringing authenticity into the world of product promotion and sponsored content by reducing the friction required to work with the brands creators love.
The money needed for launching a mobile app, and rebranding
The Series A funding will allow the team to scale engineering product and design, build a mobile app version of the platform, expand their VIP shop manager program, as well as relaunch the platform with a new look and name (previously ShopMy Shelf).
The rebrand coincides with the addition of fashion and home creators, retailers and brand partners. Creators can now have their community shop their (Beauty) Shelf, (Fashion) Closet and (Lifestyle) Home.
Over 10,000 creators, connecting over 500,000 shoppers with over 200 brand partners
There are over 10,000 creators live on the platform who are driving millions of dollars of order volume monthly from over half a million shoppers every month. The audience skews mostly female between 25-44 years old, with 70% located in the US and the remaining 30% being split between Canada, the UK and Australia. Consumers spend between 10 minutes and 1 hour on the platform, scrolling through shelves featuring products used on the latest celebrity red carpet beauty looks, IG tutorials, OOTD, tried-and-true Dermatologist recommendations and more.
Creators can monetize from over 40,000 sites and participate in collaborations and receive gifted products from any of the over 200 subscribed brand partners. Through the platform creators have complete transparency into their performance- clicks, engagement, orders and related data points are all easily accessible for every product and brand they recommend. For the first time on an affiliate marketing platform, they have granular, easily digestible insight into their data.
Earning opportunity currently at $35K+ and rising
Creators currently on the platform include beauty and fashion creators, as well as celebrity and media, including; Olivia Palermo, Gucci Westman, Marianna Hewitt, Stephanie Shepherd, Dr. Shereene Idriss, Ash K Holm, Katie Jane Hughes, Sean Garrette, Dr. Simon Ourion and more. The creators make commission through a lucrative affiliate program, with brands offering between 10-40% commission rates on products sold through their shelf. The monthly earning opportunity on the site for experts is currently $35K+ and increasing as the platform’s audience expands.
Brand and Retailer partners include many industry leaders such as Westman Atelier, Topicals, Tower 28, Tatcha, Dermstore, Nordstrom, Living Proof, shopbop and many more. For a monthly subscription, brands and retailers get a one-stop-shop creator marketing management system allowing them to manage product gifting, commissionable codes, communications, affiliate payments, paid collaborations and the most in-depth analytics on the market. Brands are able to see exactly where sales are driven from including a product graph that understands e-commerce across retailers.