CreatorIQ, an influencer marketing platform, has received funding of $40 million, bringing its total capital raised to $80.8 million.
Previous investors in the new round include TVC Capital, Kayne Partners Fund, the growth private equity group of Kayne Anderson Capital Advisors, Affinity Group and Unilever Ventures. Silver Lake Waterman joined the round as a new investor.
The CreatorIQ cloud-based software connects brands with influencers on the internet and helps them organize campaigns.
Brands and agencies can search for influencers in categories, find ones that most closely fit their needs, then manage and track campaigns and measure the results within the platform, a CreatorIQ spokesperson said.
“To keep track of, just say, 100 influencers on a single campaign, you need software to track that,” he said. “Years ago, influencers responded by sending screenshots of their owned and operated pages.”
But now the sophistication has vastly increased, with CreatorIQ, for example, using data focusing on measurements. Social media companies, including Instagram and TikTok, recognizing the e-commerce market, are also rolling out e-commerce tools and developing products for attribution.
Igor Vaks, founder and CEO of CreatorIQ, noted an accelerated growth of the creator economy in the last 18 months, in a statement. He said that brands rely on partnerships with influencers to grow their businesses, and that the new funding allows for investment in data, commerce and analytical tools to produce better outcomes for companies.
“CreatorIQ is taking this money and investing it in data science because influencer marketing is no longer some awareness tool,” said a company spokesman. “It’s actually a tool to drive sales.”
Last year, the tech company launched a certified partner network for influencer campaigns.
Brands including AB InBev, Disney, Sephora and Unilever, as well as organizations such as the Ad Council and Everywhere Agency, use the software. Unilever took a stake in the software platform in 2019.
Founded in 2014, CreatorIQ is headquartered in Los Angeles with offices in cities including San Francisco, Denver, Austin and Chicago.
This story first appeared on PRWeek US.