ShopMy Secures $70 Million Investment, Reaching $1.5 Billion Valuation

ShopMy, the creator commerce infrastructure company, has announced a significant $70 million funding round, elevating its valuation to an impressive $1.5 billion. The investment was led by Avenir, with participation from notable firms including Bain Capital Ventures, Bessemer Venture Partners, and Menlo Ventures. This latest capital infusion underscores the growing confidence in the creator economy and ShopMy's pivotal role within it.

The company, co-founded by CEO Harry Rein and President Tiffany Lopinsky, enables creators to monetize their influence through affiliate links, brand sponsorships, and personalized storefronts. "ShopMy has cracked the code on making creator commerce work for elevated brands without diluting their positioning," stated Andrew Sugrue, Founder at Avenir, highlighting the platform's unique market approach. The platform has demonstrated robust growth, achieving a 3x year-over-year revenue increase while maintaining profitability.

ShopMy's platform currently boasts over 185,000 creators and partners with more than 1,200 brands, facilitating over $1 billion in annual platform sales. This rapid expansion positions ShopMy as a significant player in the creator economy, challenging established platforms by offering advanced data analytics and tools for both creators and brands. The company's focus on authentic recommendations over traditional advertising resonates with its investors and users.

The new funding is earmarked for accelerating product development, particularly in machine learning and personalization capabilities. ShopMy aims to further enhance tools for brands to measure and scale creator partnerships, and to provide creators with more avenues for monetization. Harry Rein emphasized that this valuation is "validation that how people shop has fundamentally changed," asserting that the future of shopping will be built around trust and human curation.

This funding round follows a $77.5 million raise at a $410 million valuation in January, marking ShopMy's third funding round in under two years. The company's strategic vision includes the upcoming launch of a retail-focused app, designed to serve as a hub for curated shopping experiences. This move further solidifies ShopMy's commitment to evolving the landscape of creator-led commerce and empowering tastemakers.