Livestream shopping platform, NTWRK, has raised $50 million in its latest investment round, bringing its total raised amount to $60 million.
The Los Angeles-based startup, founded in 2018, has seen its business take off since the pandemic, with more homebound consumers choosing to engage in livestream shopping experiences. By 2023, the livestream shopping market is expected to be valued at $25 billion.
The company’s latest investment round was led by Goldman Sachs Asset Management and luxury conglomerate Kering and saw participation from LionTree Partners and Tenere Capital. The company’s first investment round was supported by Main Street Advisors (Jimmy Iovine, Drake and LeBron James, among others), Live Nation and Foot Locker.
“Our vision is to become the biggest, most culturally relevant, livestream shopping marketplace for Gen-Z and Millennial audiences who are obsessed with pop culture,” NTWRK CEO Aaron Levant said in a statement. “It’s exciting for NTWRK to have Goldman Sachs and Kering sign on for the future of livestream shopping.”
Allison Berardo, who serves as the vice president of Goldman Sachs’ Growth Equity business, will be joining the board of directors at NTWRK.
NTWRK plans to use the funding to grow its team, expand its marketing efforts and grow into new product categories such as sneaker resale, trading cards, vintage and other products to attract more female shoppers to the platform.
“We intend to continue to add more and more creators to this ever-growing segment of our business,” Levant said.
Two years ago, the company began enabling creators to sell NFTs on its platform in addition to other physical goods.