In the past few years, marketing trends and strategies have changed dramatically. Personalization is becoming the industry standard as customers begin to expect better experiences from their company interactions. One of the fastest growing ways companies connect with their audiences on a mass personalization method is through influencer marketing.
Influencer marketing is expected to grow to nearly $14 billion in 2021 as 90 percent of businesses believe it to be an effective marketing strategy. CreatorIQ, an influencer marketing platform trusted by brands such as Disney, CVS, Calvin Klein, and more, looks to join in on the industry growth with $40 million in new funds announced during a recent funding round. The new funding raises its total capital to more than $80 million.
“We’ve witnessed accelerating growth of the creator economy over the past eighteen months fueled by the convergence of creators, commerce, and community,” said Igor Vaks, Founder & CEO at CreatorIQ.
“From high-growth brands to Fortune 500 companies, our customers rely on creator partnerships to grow their businesses — from building brand loyalty to co-launching new e-commerce solutions together. This new funding will allow CreatorIQ to invest in our data, commerce, and measurement technologies to better solve customer outcomes.”
The funding was led by TVC Capital, Kayne Partners Fund, and new investor Silver Lake Waterman. The company plans on using the funding to invest in its Creator Intelligence Cloud and its e-commerce capabilities.
The solution works by taking advantage of data science and insights to create a single collaboration system for streamlining workflows. Since the company was founded in 2014, it has been named one of the Inc. 5000 Fastest Growing Companies list as it has grown alongside influencer marketing’s recent boom.
In 2016, influencer marketing was worth $1.7 billion. In 2020, influencer marketing grew to over five times as much, standing at a $9.7 billion industry.
“Influencer marketing is a key area of opportunity and differentiation that brands and agencies are eager to address with next generation analytics and automation. CreatorIQ’s strength in data analysis and management is driving its leadership position and we are excited to partner with them to help drive their continued growth and market adoption,” said Shawn O’Neill, Managing Director and Group Head, Silver Lake Waterman.