US-based livestream shopping platform operator Ntwrk secured $50m from investors including live event promoter Live Nation, footwear retailer Foot Locker and luxury goods producer Kering yesterday.
Goldman Sachs Asset Management’s growth equity unit led the round, which also featured LionTree Partners, Tenere Capital, Main Street Advisors and unnamed additional investors.
Founded in 2018, Ntwrk operates an e-commerce marketplace that enables brands, artists and content creators to interact with their audiences and sell products through livestreaming sessions.
The mobile-based platform, which is focused on generation Z and millennial consumers, displays a variety of limited-edition goods including clothing and collectable merchandise. Ntwrk will use the funding to accelerate its growth as well as expanding its market share and geographic footprint.
Aaron Levant, CEO of Ntwrk, said: “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. It is exciting for Ntwrk to have Goldman Sachs and Kering sign on for the future of livestream shopping.”
Ntwrk raised $10m in a series A round in September 2019 featuring Live Nation, musician Drake and Foot Locker, the last of which invested $3m.
Live Nation and Drake co-led the first tranche of the round in June that year, after entertainment group Warner Bros’ Digital Networks subsidiary and entertainment investment fund MSA Enterprises provided an undisclosed sum in May 2018, prior to Ntwrk’s official launch.