NEW YORK, Nov. 15, 2022 /PRNewswire/ — 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.
ShopMy was founded in 2020 by Chris Tinsley, Harry Rein and Tiffany Lopinsky, a trio of technologists out of MIT and Harvard. Their mission is to simplify the monetization process for creators who frequently share their product recommendations over social media by offering access to millions of commissionable products and using a data-driven approach to better connect brands with creators who love their products. 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. “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.
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. 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.
Dr. Muneeb Shah, better known by his TikTok handle @dermdoctor, where he has 16.8M followers, is an active user and advocate of the platform, saying, “ShopMy is the most creator-friendly affiliate platform on the market. It makes it easier for my followers to find the products they’re looking for to improve their skin concerns. I have access to performance data that I’ve never had on an affiliate platform before so I can now share with brands the exact engagement, amount of orders and clicks that I’ve had for their products. I also gain better insights into the types of content my followers care about.”
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.
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SOURCE Shop My
