As e-commerce penetration continues to grow rapidly, the ways in which consumers interact with brands are changing dramatically. We are seeing a new wave of commerce driven by influencer content – consumers are increasingly turning to influencers and creators for product curation. At the same time, many brands that relied on targeted ads for customer acquisition are navigating a new (and harsh) reality with Apple’s privacy changes dramatically altering the effectiveness and quality of ads. . There is an opportunity for new products to bring consumers and brands closer together and facilitate purchases at the consumer’s point of inspiration.
Founded less than a year ago, we are delighted to share today our investment in FERMÀT which lives at the intersection of these trends and will usher in a new wave of distributed commerce. FERMÀT is officially launching today to brands on Shopify to help them partner and sell directly through influencer content. We at Greylock are thrilled to lead the $12 million seed round with QED Investors and partner with the FERMÀT team as they build an important business.
FERMÀT provides the tools and the network to enable distributed commerce. The company enables brands to embed shopping experiences into influencer content, so the influencer’s audience has a native and engaging shopping experience. Brands can manage the entire workflow in FERMÀT’s system – from finding partners (influencers) to licensing customized products based on the partner to creating unique payment structures per partner. And with FERMÀT, there is 100% closed-loop attribution on each partner’s impressions and sales. For influencers, FERMÀT offers access to no-code tools so they can build an immersive and native shopping experience with brand collaborators directly in their content. Since its soft launch earlier this year, FERMÀT has been powering consumer transactions across dozens of brands and hundreds of creators and is excited to expand rapidly with today’s public launch.
FERMÀT co-founders Rishabh Jain (CEO) and Shreyas Kumar (CTO) are uniquely positioned to help brands navigate this new reality. Rishabh and Shreyas worked together at LiveRamp which they helped grow into a leading ad tech company – Rishabh built several new ventures from the ground up to grow LiveRamp’s revenue, and Shreyas was a key leader in the business. engineering, most recently leading the platform’s engineering group.
We are delighted to support this team and add FERMÀT to a select set of business ventures that Greylock has partnered with over the years, including Builder, Curated, Inventa, Postscript and TellApart. If you are interested in building the future of commerce, consider joining the FERMÀT team, they are recruiting!