Bounty, a Los Angeles, CA-based Shopify app, announced that it has closed on a $5m seed funding round. The app works on a technology that enables TikTok creators to earn unlimited cash back for their engagements with the audience. This also allows brands to use these videos for monetization purposes.
Most DTC brands know they need to unlock growth via TikTok. Bounty is compelling because it provides brands with cost-effective growth channels that scale.
Brent Murri, Principal, M13
Funding
The total amount raised was $6.777m. Led by M13, the round saw the participation from existing investors like Interlace Ventures and Sugar Capital besides founders and executives from Stack Commerce, Rothy’s, Fabletics and more. The company plans to use the fresh capital to hire for design, engineering and marketing departments. Bounty also intends to expand its operations and increase the speed of product development with the funding.
We are excited to level the playing field for creators and brands.
Abe Wolke, Founder and CEO, Bounty
Brand-Creator Partnerships
“Bounty is building the infrastructure to help brands scale creator partnerships on social media, starting with TikTok. TikTok has emerged as the top destination for customer acquisition, with ad revenue expected to triple to $12bn this year. Most DTC brands know they need to unlock growth via TikTok. Bounty is compelling because it provides brands with cost-effective growth channels that scale,” said Brent Murri, principal at M13.
“Month over month, creator earnings have gone up 200 percent, with top creators earning over $3000 per month,” said Abe Wolke, founder and CEO of Bounty. “We are excited to level the playing field for creators and brands,” he added.
1. Bounty – https://t.co/HboQfbGLFm is a cashback program to incentivize your customers to post about you on Tiktok. paying on a $10 CPM model
— jason wong (@EggrolI) May 3, 2022
– Customers are motivated to make videos that get a ton of views
– Democratizes the creator program to everyone, not just influencers pic.twitter.com/rEXkV9Oi9j
Bounty’s Journey
Bounty was established in November 2021 after Apple’s iOS 14.5 privacy updates that turned the $350bn digital advertising industry topsy-turvy. Wolke had previously co-founded two DTC companies that failed to run Facebook ads because of the product categories. He then began working with creators in order to help brands explore the new landscape of advertising. Bounty emerged as an effective marketing tool for both brands and creators by resolving major issues of the brands impacted by Apple’s updates.