The investment was co-led by the Collective Artists Network, an integrated creative community.
Capital A, a venture fund for seed to early-stage meaningful start-ups today announced a strategic investment of $200,000 in ShopMyLooks, a digital platform aiming to transform the fashion influencer economy on Instagram by enhancing visibility and revenue access to the creators. The investment was co-led by the Collective Artists Network, an integrated creative community.
ShopMyLooks is automating the monetization efforts for influencers who need to just focus on doing what they do best: creating great posts. The platform’s AI tools take care of aspects such as creating, managing, and updating the influencers’ IG shops. The products are identified and brands tagged. The entire process is automated and optimized for better outcome. Capital A’s investment will enable them in early-stage growth.
Speaking about this, Rohit Jaiswal, Founder, and CEO, ShopMyLooks, said, “The influencer economy is such that only the leading names with millions of followers are able to effectively monetize their content. About 90% of instagrammers with great content, but lesser reach, remain uncertain about their monetization and lose out on potential earnings. This is where ShopMyLooks is going to be the game-changer. We are thankful to Capital A and the Collective Artists Network for believing in our vision and look forward to making a positive long-term impact on the Indian creator economy.”
Speaking about the investment, Ankit Kedia, Founder, and Lead Investor, Capital A, said, “Existing framework is tilted in favor of the major influencers, and platforms like ShopMyLooks are set to be the game-changers. By automating the monetization process and eliminating the need for new-age influencers to worry about brand sponsorships, ShopMyLooks is simplifying and optimizing the process for them as well as the brands. It is a purely revenue-driven model and we are kicked to tag team with Collective Artist Network on this investment and leverage on their deep expertise in the creator platform”
Vijay Subramaniam, Founder and Group CEO, Collective Artists Network, said, “As India’s leading creator marketplace backing creators across all domains, our aim is to contribute to the monetization and growth opportunities for the vast talent available in India. Towards this end, this strategic investment in association with Capital A highlights our commitment to India’s creator economy. ShopMyLooks has brought about an amazing platform that is backed by cutting-edge AI. This marriage of fashion tech with creative content is the future and we look forward to playing a greater role in this evolution in the years ahead.”
Capital A is a venture fund for seed to early-stage meaningful start-ups. The fund is led by Ankit Kedia, former promoter of Manjushree Technopack Ltd, the largest manufacturers of rigid plastics packaging in the entire South Asia region. The company was divested to Advent International in 2018. Ankit is a passionate angel investor and Capital-A is the formalization of this very passion, into something bigger and meaningful. After all, business begins with a B, and venture capital begins with Capital-A!
Capital A offers three-fold benefits to startups: EQ Capital, Engagement Capital, and Network Capital. Every year, Capital-A invests in 8-10 companies with a ticket size of $50K to $500K and participates in follow on rounds as well. The fund recently announced a proprietary fund of $25 million.
Source: Business World