Creator management platform GRIN has closed a $110 million Series B funding round, according to a Wednesday (Oct. 13) announcement.
The fundraising effort, led by Lone Pine Capital, also includes investments from BOND, content creators including Danielle Bernstein of WeWoreWhat, Devon Levesque and The Chainsmokers, as well as existing investors, including Imaginary Ventures, the announcement stated.
GRIN’s valuation jumped to $910 million with the cash influx, which will allow the company to enhance its executive team, grow into international markets, including the U.K. and Australia, and continue “building the infrastructure for the creator economy,” which is estimated at $100 billion and rising, according to the announcement.
GRIN’s creator management platform “enables brands to form close relationships with every creator they work with, including influencers, affiliates, athletes, celebrities, traditional content creators and even customers,” the announcement stated.
The platform also includes tools related to finance, communications and more, according to the announcement.
“It’s becoming more apparent than ever that the creator economy is here to stay,” said GRIN CEO and Co-Founder Brandon Brown in the announcement. “Where consumers used to watch TV stations, they now turn to people on social media as their trusted source for entertainment.”
GRIN has also added Jay Simons of BOND as a board observer, the announcement stated. Prior to joining GRIN, Simons was the president of Atlassian. He’s also a HubSpot board member.
As for the creator economy, crafts retail chain Michaels will soon release two digital marketplaces to attract creators and consumers: one for third-party vendors to sell components, tools and craft materials, and another for creators to sell finished handmade goods, directly competing with Etsy’s flagship platform.
A Michaels spokesperson told PYMNTS in an email that the creator marketplace “is in development but not ready to discuss broadly yet.” The third-party marketplace for components and craft materials is “coming soon,” but no specific date was provided.