| Summit invests $120m in influencer marketing platform Mavrck Morning!
Are you an influencer?
I confess I’m of a generation that is less likely to be influenced by an influencer on a social media platform. I’ll venture to say that I don’t really get it … I once tried watching some fishing influencers to get ideas for new equipment come spring but just got bored and eventually gravitated to watching old Led Zeppelin live performance videos.
But, so what? Influencers are out there making all kinds of dough. And investment firms have recognized the opportunity in influencer marketing. Summit Partners this morning announced a $120 million growth investment in Mavrck, an influencer marketing platform for consumer brands.
The concept as described in Summit’s press release is “social proof”, or trust formed among a network of like-minded strangers online through a collection of experiences with a product. This has become a vital part of brand building for consumer products. The “creator” economy is estimated to be a $100 billion industry, the statement said.
Mavrkc was formed in 2014, designed to help brands build that trust with consumers. “Influencer marketing has evolved dramatically from its earliest, celebrity-centric iteration. This investment will 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,” said Mavrck co-founder and CEO Lyle Stevens in the statement.
That’s it for me! Have a great rest of your day. Hit me up at cwitkowsky@buyoutsinsider.com or over on LinkedIn.
Read the full wire commentary on PE Hub ...
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Smart: Crosspoint Capital sees opportunity to incorporate security software into more "smart" devices like thermostats, lightbulbs and washing machines after its $50 million investment in security platform Afero. Home Depot also is an investor in the company. Read more here on PE Hub.
Life sciences: Avesi Partners invested in Danforth Advisors, which provides back office support to life sciences companies. The investment will accelerate Danforth's plans to expand its offering. Read more here on PE Hub.
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They said it “Brands are increasingly seeking to harness the power of the very long tail of content creators to help drive brand awareness and influence purchase activity.” — Sophia Popova, principal at Summit Partners, talks about influencer marketing.
Today's letter was prepared by Chris Witkowsky Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. 
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