US-based influencer marketing platform developer LTK secured $300m in funding from telecommunications and internet group SoftBank’s Vision Fund 2 yesterday at a valuation of $2bn.
Founded in 2011 and previously known as RewardStyle and LikeToKnow, LTK has developed an e-commerce platform which allows online influencers and content creators to recommend and sell items such as clothes and home furnishings on behalf of retailers.
The company intends to use the funding to accelerate the growth of its platform with new products for creators, brands and shoppers, and to scale its international presence. It also plans to hire new talent across its entire organisation.
Angela Du, investment director at SoftBank investment advisers, will join LTK’s board of directors in conjunction with the round. Goldman Sachs was financial adviser for the company while Wachtell, Lipton, Rosen & Katz was legal counsel.
LTK had previously closed a $15m series A round in 2015 at a post-money valuation of $290m. It was led by Maverick Capital Ventures with backing from angel investors Miroslava Duma, Nasiba Adilova and Veronica Chou.
Lydia Jett, managing partner at SoftBank Investment Advisers, which manages Vision Fund, said: “LTK has built a seamless shopping platform that now reaches millions of monthly shoppers in more than 100 countries.
“We are thrilled to be partnering with Amber Venz Box, Baxter Box and the team to support LTK’s long-standing advocacy of global creators as they continue to scale.”