Mira Duma invests: RewardStyle raises $15 million at $290 million valuation
Style's global reach
Buro 24/7 global founder and international style icon, Mira Duma, together with Nasiba Adilova, has invested in the e-commerce service, RewardStyle, which helps influencers generate money through affiliate sales by connecting their audiences with e-commerce options. And her involvement has helped raise $15 million to expand its global reach. Giving the company a valuation of $290 million, according to RewardStyle cofounder and president Amber Venz Box (pictured above with Mira Duma and Nasiba Adilova at a recent event in NYC).
Founded in 2011 the company works with bloggers and influencers using the affiliate model, helping to connect audiences with products and driving purchases, which produce a kick-back for the company and for the influencer whose post led to the sale. To date, 9,000 individuals and 4,000 retailers work with the platform. And the retail sales that these content creators drive, is expected to surpass $1 billion in lifetime retail sales, by the end of the year according to Venz Box.
Global expansion is a clear priority for the company and with Mira Duma's involvement, Venz Box can leverage Buro 24/7's extensive global network of franchised versions of the luxury fashion and lifestyle website, which are established in Russia, Ukraine, Croatia, Kazakhstan, Azerbaijan, Middle East, Australia, Singapore and Malaysia.
RewardStyle entered Russia last year: "We have publishers in 80 countries and we quickly realised that the political and cultural landscape was unlike any other and it would take true localisation," Venz Box said. "They [Duma and Adilova] have localised business units established so we are going to be monetising their properties and they will help us localise our products so they are relevant for publishers and retailers in the regions."
Already, RewardStyle works with Chanel, Gucci, Burberry, Calvin Klein, Alexander Wang, Barneys New York, Ralph Lauren, Stuart Weitzman, Rag & Bone, Diane von Furstenberg, Moda Operandi and Neiman Marcus, and with this new connection, the service will be better able to provide bespoke and localised connections to unique designers, stores and boutiques, as well as the big names.