Boston-based influencer marketing platform Mavrck has secured $120 million in funding from investment firm Summit Partners.
Mavrck said the new funding will help accelerate the company’s product expansion and support the development of an operations cloud to power and execute social proof at scale.
According to the company customers in recent years have increasingly expected a more authentic brand experience across the entire customer journey. It added that research demonstrates that consumers today are more influenced by what others say and display online, i.e., social proof, than by what brands message directly.
Social proof includes recommendations, content and reviews and has increasingly become an essential brand building tool for consumer enterprises, the company asserts.
The Mavrck platform is designed to help global brands to harness social proof with end-to-end relationship management, workflow automation, and measurement for integrated marketing programs across influencer, creator, advocacy, affiliate, ambassador, referral, and loyalty.
Lyle Stevens, Co-Founder & CEO of Mavrck said, the Summit investment would “help us to take petabytes of historical data and build recommendation engines to connect enterprise marketers with the right creators, the right way, at the right cost.”
Mavrck estimates that nearly 5,000 marketers across more than 500 global consumer brands rely on it to more effectively access and manage relationships with content creators.
Given marketers increasing efforts to utilize content creators to help drive brand awareness and purchase decisions, “Mavrck’s platform is purpose-built to support brands in these efforts,” said Summit Partners Principal Sophia Popova.
With the investment, Popova and Summit Partners Managing Director Michael Medici have joined the Mavrck board of directors.