rewardStyle raises US$15 million in first-round funding
Giving e-commerce an extra push
You might not have heard of rewardStyle but you've probably used their services before. The company works with over 9,000 content creators and and 4,000 retailers to boost e-commerce possibilities by rewarding websites that link out to partner retailers and drive successful transactions. You might be familiar with their Instagram shopping tool LIKEtoKNOW.it, which works its way around Instagram's no-link rule to let users shop via the photo-sharing platform.
The four-year-old venture hit the jackpot recently, raising US$15 million in its first round of funding led by Maverick Capital Ventures, bringing the valuation of the company to a cool US$290 million. As far as investors go, we'd say rewardStyle's doing a stellar job. They've managed to get style heavyweights Miroslava Duma, Nasiba Adilova, and textile heiress Veronica Chou onboard as investors and strategic partners.
In the words of Duma herself, "Many companies and great fashion minds have increasingly been trying to help retailers and publishers monetise their daily content and communication. rewardStyle has distinguished itself by building this extraordinary platform. Idea is 10% and execution is 90% and the way rewardStyle has executed it is pristine."