Friday Fundings: Influencer Platform Mavrck Snags $135 Million and Acquires Later
What Mavrck Does
Amid the growth of ecommerce, social media, and online marketing, so-called influencers have become an important aspect of the economy. For popular accounts on Twitter (TWTR), TikTok, Facebook and Instagram (FB), as well as Youtube (GOOGL), there’s money to be made in terms of promoting certain products or trends. Some experts have gone so far as to say influencers are the engine driving the consumer internet.
In order to help various brands and companies connect with these influencers, Boston-based startup Mavrck has launched a platform. It aims to provide companies with insight as to the demographics and varying interests associated with different social media influencers.
Money and a Merger
Mavrck announced a new fundraising round totaling $135 million, provided by a single investor, Summit Partners. Part of that will be used to acquire Later, a Canadian company that originally created a scheduling tool for Instagram.
Later has since branched out into other social platforms, including TikTok, Pinterest (PINS), and LinkedIn (MSFT). It also created a tool called Linkin.bio, which helps influencers and artists drive engagement to various social media platforms. One of its competitors, Linktree, raised $110 million last month at a $1.3 billion valuation.
While Mavrck and Later will continue to operate independently going forward, there will be integration between the two platforms. For example, Linkin.bio’s click and engagement analytics data will be added to Mavrck’s dashboard. Executives say they also see long-term potential in virtual reality, and the role social media influencers will play in the metaverse.
Generally speaking, Mavrck’s management says they can help nurture a symbiotic relationship between brands and influencers, also sometimes called content creators. They plan to scale the entire “influencer economy” to new heights. This latest funding and bringing Later into the fold is part of that mission.
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