LOS ANGELES, Aug. 2, 2022 /PRNewswire/ — Bounty, the Shopify app that helps creators earn unlimited cash back for engagement on TikTok, announced today it has closed on a $5 million seed round led by M13. Also participating were existing investors Sugar Capital and Interlace Ventures as well as founders and executives from Rothy’s, Fabletics, Stack Commerce and more, bringing the total amount raised to $6.777 million. This funding will accelerate efforts to meet demand from a 600+ waitlist of brands and increase the velocity of product development. The fresh capital will also fuel hiring plans for its engineering, design, and marketing departments.
The investment marks a significant milestone since March, when the first merchant launched in a closed beta. There are currently 30 brands participating in the beta with 600+ on the waitlist and over 12,000 creator signups. This traction has come organically through word of mouth and through visibility on brand partners’ websites. “Month over month, creator earnings have gone up 200%, with top creators earning over $3000 per month,” said Abe Wolke, founder and CEO of Bounty. “We are excited to level the playing field for creators and brands.”
Bounty is building the infrastructure to help brands scale creator partnerships on social media, starting with TikTok. TikTok has emerged as the top destination for customer acquisition, with ad revenue expected to triple to $12bn this year. “Most DTC brands know they need to unlock growth via TikTok. Bounty is compelling because it provides brands with cost-effective growth channels that scale,” said Brent Murri, principal at M13.
Wolke founded Bounty following Apple’s iOS 14.5 privacy updates that upended the $350bn digital advertising industry. He previously co-founded two DTC companies that couldn’t run Facebook ads due to the product categories. He focused instead on working with creators to drive top of funnel growth and leveraged his learnings working with creators to help brands navigate the new advertising landscape. Alternative solutions have been inefficient and cost prohibitive to many of the brands affected by Apple’s updates. By solving the major pain points to working with creators, Bounty has become a powerful marketing tool for brands and creators alike.
ABOUT BOUNTY
Bounty is a Shopify app that turns creators into video marketing machines. The technology provides a platform for creators to earn unlimited cash back for engagement while brands can then license the videos for paid media. Headquartered in Los Angeles, CA the company was founded in November 2021 by Abe Wolke. Investors backing Bounty include M13, Sugar Capital, and Interlace Ventures. Early hires are from Google, Sezzle, Dharma, and more. For more information, please visit www.bounty.co.
Media Contact:
Jinny Kang
jinny@bounty.co
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SOURCE Bounty
