North America’s Leading Direct Buying Platform NTWRK Receives $ 50 Million Investment Led by Goldman Sachs Asset Management
LOS ANGELES, September 23, 2021 / PRNewswire / – NTWRK, North America main live shopping platform, raised $ 50 million led by the Growth Equity activity within Goldman Sachs Asset Management (Goldman Sachs) and the global luxury group Kering, with the participation of LionTree Partners and Tenere Capital. They join previous investors Main Street Advisors (whose investors include Jimmy iovine, Drake, James lebron), Live Nation, Foot Locker and others to further accelerate NTWRK’s growth, market share and global footprint.
NTWRK is a live video commerce marketplace for Gen Z and Millennial audiences. By providing a platform for creators to sell products and interact with consumers in real time, NTWRK combines entertainment and commerce, empowering brands, artists and personalities to create original content and sell exclusive products. . The pattern of daily drops of exclusive products, storytelling content, engaging hosts, seamless native shopping, and social distribution creates a high-energy, far-reaching experience for buyers and sellers.
With the new funding, NTWRK will continue to define the virtual shopping experience by effectively responding to the growing market of digital native consumers. Online Commerce is positioned to be a multi-billion dollar industry and this investment will allow NTWRK to capitalize on its rapid growth and innovative model of blending commerce and content.
“Our vision is to become the largest and most culturally relevant live shopping marketplace for Gen Z and Millennial audiences who are obsessed with pop culture,” said CEO of NTWRK Aaron Levant. “It’s exciting for NTWRK to have Goldman Sachs and Kering for the future of online shopping.”
“We’re excited to support Aaron and the team at NTWRK as they continue to innovate and define live shopping as an entertaining, social and mobile way to interact with brands and designers. NTWRK’s highly organized offering and strong support from the buying and selling community make them a leader in the emerging live shopping industry, ”said Allison berardo, a vice-president within the Growth Equity activity, who will join the NTWRK 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 believe that live e-commerce is a way to address this audience, to share the unique storytelling of our Houses, and to increase the online sales ceremony ”, adds Gregory Boutté, Chief Client & Digital Officer at Kering.
The direct shopping market at China reached 150 billion dollars in 2020 and should reach 300 billion dollars in 2021 (Coresight Research). Direct shopping in the United States is in its infancy, but is expected to reach $ 11 billion by the end of 2021 and $ 25 billion by 2025 (Coresight Research).
Since its creation in 2018, NTWRK has been the pioneer of “Shopping at the speed of culture”. For its millions of users worldwide, NTWRK combines the hype factor of drop culture with entertaining content, live events and festivals, and exclusive merchandise from the world’s most influential creators. Its unique platform gives brands and designers the ability to tell stories behind their most coveted products, with partnerships focused on creating demand and marketing the hype in new and exciting ways.
2021 continues to be a year of tremendous growth for the leading online shopping platform. Widely recognized by industry media, NTWRK was named “Hottest Brand of the Advertising Age” of 2021; one of Fast Company’s “World’s Most Innovative Companies”, a Digiday “Most Innovative Brand” and Adweek’s “Best Video Commerce Platform”.
Named one of Fast Company’s most innovative companies and Ad Age’s hottest brands, NTWRK is North America’s premier live-shopping platform where “entertainment meets e-commerce” (Forbes). Built on a digitally innovative model of daily product drops, live shopping festivals, and exclusive partnerships with world-renowned brands and designers, NTWRK has fostered an organic global community of artists and fans since launching in 2018 , delivering a curated digital shopping experience for Gen Z and Millennial Consumers.
ABOUT GOLDMAN SACHS ASSET MANAGEMENT GROW EQUITY
Bringing together traditional and alternative investments, Goldman Sachs Asset Management offers its clients around the world a dedicated partnership focused on long-term performance. As a primary investment area within Goldman Sachs (NYSE: GS), we provide investment and advisory services to the world’s leading institutions, financial advisors and individuals, leveraging our deeply connected global network and expert knowledge tailored to all regions and markets. more … than 2,000 billion dollars in assets under surveillance worldwide from June 30, 2021. Driven by the passion for our clients’ performance, we seek to build long-term relationships based on conviction, lasting results and shared success over time. Goldman Sachs Asset Management invests in the full range of alternatives, including private equity, development capital, private credit, real estate and infrastructure. Since 2003, the Growth Equity activity of Goldman Sachs Asset Management, composed of more than 75 people, has invested more than 13 billion dollars in companies led by visionary founders and CEOs. We focus exclusively on investments in growth stage, technology-driven companies spanning multiple industries including enterprise technology, fintech, consumer and healthcare. follow us on LinkedIn.
Global Luxury Group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods, Jewelry and Watchmaking: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexandre mcqueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ulysses Nardin, Girard-Perregaux, as well as Kering Eyewear. By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits on their creative expression while shaping the luxury of tomorrow in a sustainable and responsible manner. We capture these beliefs in our signature: “Empowering Imagination”. In 2020, Kering had more than 38,000 employees and generated sales of 13.1 billion euros.
NTWRK ON THE WEB
For more information on NTWRK, please contact [email protected].