Maya Robertson
Social media collaboration marketplace Pearpop has received $18 million in a Series A extension round, bringing its total funding raised to $34 million and valuation to $300 million, as reported by TechCrunch.
The round saw participation from Sound Ventures founders Ashton Kutcher and Guy Oseary, Seven Seven Six founder Alexis Ohanian, Blockchange Ventures, Avalanche’s Blizzard Fund, and also C2 Ventures.
Founded in October 2020 by Cole Mason and Guy Oseary, Pearpop connects celebrities like Madonna and Doja Cat, and brands such as Amazon and Netflix with content creators. Using the platform, for example, they can start a challenge on TikTok or Instagram, and ask creators to share videos using their sounds for a chance to earn an amount of money they set.
Other celebrities and companies that collaborated with creators via Pearpop include Tinder, Zynga, Universal Pictures, Live Nation, Chipotle, Beyond Meat, Rakuten, The Weeknd, Post Malone and Shawn Mendes.
“We’ve reached a critical mass on the creator side, as we now have more than 200,000 on our platform,” said Cole Mason, chief executive officer and co-founder of Pearpop.“We’ve paid out over $10 million to creators, and we’ve been proud to see how Pearpop has opened up an opportunity for creators without a massive following: 71% of earnings have gone to creators with under one million followers.”
He added that the company plans to use the funding money to grow its team, build new partnerships, and advance its product.
“We’re going to use the funding to accelerate our tech and engineering hiring as our product features and functionality get more advanced and we leverage intelligence and data in new ways our industry hasn’t seen,” Mason said. “Beyond that, we’ll continue to build out a strong sales and partnerships team capable of attracting and partnering with some of the biggest and most iconic brands in the world.”
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