ShopMy has secured $77.5 million in Series B funding, co-led by Bessemer Venture Partners and Bain Capital Ventures, valuing the company at $410 million, up from the company’s $80 million valuation in March 2024.

As The Wall Street Journal reports, the investment round includes participation from Menlo Ventures, Inspired Capital, and AlleyCorp, alongside creator investors, including YouTube personality Camila Coelho and influencers Jett and Campbell “Pookie” Puckett.

Technology Platform Expands Beyond Beauty and Fashion

ShopMy’s platform provides tools for advertisers to manage gifting programs, identify effective micro-influencers, and generate commerce links for its network of creators. The company operates on a dual revenue model, charging advertisers subscription fees and taking a percentage of sales through its links. At the same time, creators earn commissions on purchases made through their shared links.

The four-year-old company reports more than 550 brands maintain active subscriptions, with over 100,000 creators registered on the platform. It plans to use the new funding to expand beyond its current focus on beauty, fashion, and skin-care marketing into wellness, maternity, family, and food and beverage categories while growing its international advertiser base.

According to Chris Erwin, founder of creator economy advisory firm RockWater, platforms focusing on influencer marketing are attracting increased investment due to improved capabilities in measuring and tracking creator-driven sales. 

“Influencer marketing always used to be essentially the top-of-funnel, where you can drive awareness around products and services,” Erwin said in a statement, noting that affiliate commerce, combining creator storefronts with conversion tracking technology, has become “really compelling.”

The company’s founders, Harry Rein, Tiffany Lopinsky, and Chris Tinsley, anticipate increased advertiser interest in influencer marketing as AI-generated visuals become more prevalent in advertising. 

“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,” stated Rein.

The social commerce sector has seen recent consolidation, with competitor Mavely’s $250 million acquisition by Later earlier in January. 

While the space has experienced some legal challenges, including a now-dropped lawsuit from LTK against ShopMy over advertising practices, RockWater’s Erwin suggested the market can support multiple successful platforms, noting, “I don’t think this is a category where winner takes all, but more likely, where winner takes most.”