Affiliate Marketing Software Raises Over $216 Million

The affiliate marketing world is growing fast—and so is the money flowing into the tools that power it. New data shows that affiliate marketing software companies raised more than $216 million in investment between 2020 and 2022. This is a sign that investors see big potential in the industry, especially as more brands turn to performance-based marketing to grow their online sales.

But what exactly is affiliate marketing software, and why are investors so interested?

Affiliate marketing software is the backbone of the industry. It helps brands track which partners (also called affiliates or publishers) are sending them traffic and generating sales. It manages commission payouts, tracks clicks and conversions, and gives detailed reports on what’s working and what’s not. For brands running affiliate programs, these tools are essential.

In the past, most affiliate marketing was run through large networks like Awin, CJ, and Rakuten. But today, more brands are choosing to run their own programs using standalone affiliate software. These platforms give them more control, better data, and often lower costs.

That shift has created a big opportunity for software companies—and investors have taken notice.

One of the biggest winners in this space is impact.com, which has raised over $150 million in recent years. The company has grown rapidly by offering a full partnership management platform, allowing brands to manage not just affiliates but also influencers, B2B partners, and more. Its tools cover everything from onboarding and tracking to reporting and payments.

Other well-funded players include PartnerStack, which focuses on SaaS companies; Refersion, which integrates easily with Shopify and other eCommerce platforms; and Everflow, which offers advanced tracking and analytics features.

So, what’s driving this investment boom?

There are a few key trends:

1. The shift to performance marketing

As marketing budgets tighten, especially in uncertain economic times, brands are looking for channels that deliver clear results. Affiliate marketing is attractive because it’s low-risk: brands only pay for real outcomes like sales or leads.

2. The rise of influencers and creators

More and more content creators are looking for ways to monetise their audiences. Affiliate links are one of the easiest options, especially when paired with simple tracking tools and transparent reporting.

3. The growth of eCommerce

Online shopping has exploded since 2020. With so many new brands entering the market, there’s strong demand for tools that can help them scale fast and cost-effectively. Affiliate marketing fits the bill.

4. The desire for control and customisation

Brands want to own their relationships with partners. Using standalone software means they’re not locked into a network and can tailor their program to fit their goals.

This isn’t just a short-term trend. The global affiliate marketing industry is expected to grow to over $27 billion by 2027, according to Influencer Marketing Hub. As that growth continues, software will play an even bigger role.

Of course, with so much money flowing into the space, competition is heating up. New tools are launching all the time, offering better integrations, smarter automation, and slicker interfaces. For brands, this means more choice—but also more complexity when deciding which platform to use.

For affiliates and creators, the impact is mixed. On the plus side, better software means faster payments, clearer tracking, and more opportunities. But it can also mean juggling multiple platforms, each with its own rules and reporting systems.

So, what does this mean for the future?

Expect to see more consolidation, with larger platforms acquiring smaller ones to expand their capabilities. Expect more automation, as AI is used to match brands with the best partners and optimise campaigns in real-time. And expect continued growth, as affiliate marketing becomes a key part of every smart brand’s strategy.

In short, the affiliate marketing software boom is no fluke. It’s a sign that the industry is maturing—and that tools, data, and partnerships are now just as important as products and prices.

For anyone working in affiliate marketing, whether brand or publisher, this is the time to get smart about software. The right platform can mean the difference between a program that ticks over quietly and one that drives serious results. And with investors betting big on the future, the tools at your fingertips are only going to get better.

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