Mavrck, a marketing agency that helps businesses to engage with influencers, has raised $135 million from Summit Partners in a push to drive the creator economy faster, TechCrunch has learned.
Alongside the funding itself, Mavrck also acquired Later, a company behind Linkin.bio. While the price of the deal remains undisclosed, the move comes just a month after Linkin.bio's competitor Linktree raised $110 million at a $1.3 billion valuation.
With 5,000 marketers across 500 consumer brands, Mavrck will operate independently from Later, although more integration is planned. Mavrck Co-Founder Lyle Stevens told TechCrunch in an interview that the majority of the middle class will eventually be creators and they "will be the focal point." He added:
For brands, [connecting with them] won't be a nice to have but a necessity to stay relevant.
The need for marketing services in the creator market seems to be greater than it might appear at first glance. Advertisers are facing hurdles trying to connect big brands and creators together as a new group of startups is doing its best to fill the niche.
According to data from a market intelligence firm CBInsights, there are over 153 creator economy startups with 27 ad platforms, that had alone bagged in over $250 million in funding in 2021. Winterberry Group Management Consultant Gayle Meyers says many of today's platforms still suffer from a lack of diversity as marketers need a large, diverse pool of creators to sort through.