Livestream shopping platform Ntwrk raised $50 million led by the Growth Equity business within Goldman Sachs Asset Management and luxury group Kering, including participation from LionTree Partners and Tenere Capital. They join previous investors Main Street Advisors—whose investors include Jimmy Iovine, Drake, LeBron James—and Live Nation, Foot Locker and others to accelerate its growth, market share and global footprint.
Ntwrk is a live streaming video commerce marketplace aimed at GenZ and Millennials, providing a platform for creators to sell goods to and interact with customers in real-time. The model features daily exclusive product drops, narrative-driven content, hosts, native purchasing, and social distribution.
“Our vision is to become the biggest, most culturally relevant, Livestream shopping marketplace for GenZ and Millennial audiences who are obsessed with pop culture,” said Ntwrk CEO Aaron Levant. “It’s exciting for Ntwrk to have Goldman Sachs and Kering sign on for the future of live stream shopping.”
“We are excited to support Aaron and the Ntwrk team as they continue to innovate and define Livestream shopping as an entertaining, social and mobile way to engage with brands and creators. Ntwrk’s highly curated offering and strong community support from buyers and sellers make them a leader within the nascent Livestream shopping industry,” said Allison Berardo, a vice president within the Growth Equity business, who will be joining its Board of Directors.
“As part of our innovation strategy, we are taking minority stakes in companies developing disruptive experiences and services for the next generation of luxury consumers. We think that live e-commerce is a way to address this audience, share our Maisons’ unique storytelling and augment the selling ceremony online,” added Gregory Boutté, chief client & digital officer, Kering.
Photo courtesy Ntwrk
