He created Culver City-based SocialEdge Inc., better known as CreatorIQ, to develop marketing software for influencer brands.
The company designs and sells cloud technologies that allow businesses to discover creators, streamline influencer workflows, and protect a brand’s image.
CreatorIQ’s suite of products, called Creator Intelligence Cloud, includes tools for connecting, communicating with, and making payments to creators. It also monitors the metrics and performance of influencer branded social posts.
Seven years later, the business is flourishing. It employs more than 200 people in 12 cities and serves more than 450 customers, including Walt Disney Co., H&M and Sephora. On September 14, it closed a $ 40 million fundraiser, bringing its total raised funding to nearly $ 81 million. Investors included San Diego-based TVC Capital, Century City-based Kayne Partners Fund, New York-based Affinity Group, London-based Unilever Ventures, and Menlo Park-based Silver Lake Waterman.
“Influencer marketing is a key area of opportunity and differentiation that brands and agencies are eager to address with next-generation analytics and automation,” said Shawn O’Neill, Managing Director and group leader of Silver Lake Waterman, in a statement. “CreatorIQ’s strength in data analysis and management reinforces its leadership position, and we are excited to partner with them to help drive their continued growth and market adoption. “
CreatorIQ will use the funding to invest in its data, commerce and measurement technologies, and to continue to develop its product line and expand its international presence.
“The funding is for expansion as our space is growing rapidly,” said Vaks, who is the CEO of the company. “From better data to better measurement, better integrations across the rest of the marketing stack and international support, our customers’ needs are increasing everywhere. “
The funding also supported the acquisition of Tribe Dynamics, a San Francisco-based influencer marketing analytics platform that works with brands such as Estée Lauder Cos. Inc., Fashion Nova and Gucci. The acquisition of Tribe Dynamics expands CreatorIQ’s customer base in the beauty and fashion industry.
Tribe Dynamics’ approximately 60 employees will remain with the company and its San Francisco office will remain open. The acquisition cost CreatorIQ $ 70 million, Variety reported.
In the long term, Vaks said he wants CreatorIQ to become a “bigger and bigger” part of the designer economy to support brands working with creators big and small.
“We have seen accelerated growth in the designer economy over the past eighteen months, fueled by the convergence of creators, commerce and the community,” said Vaks.
According to the trade publication Influencer Marketing Hub, the creator economy has a market size of approximately $ 104.2 billion, and approximately $ 800 million in venture capital has been invested in startups related to the economy of creators. creators since October 2020.
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