NTWRK Receives $50 Million in Funding Led By Goldman Sachs
NTWRK, the livestream shopping platform aimed at Gen Z and Millennials, raised $50 million in funding led by Goldman Sachs Asset Management and the global luxury group Kering.
NTWRK, a Los Angeles company, provides a platform for creators to sell goods and interact with consumers in real time. The platform blends entertainment and commerce by giving brands, artists and influencers the ability to create content and sell products. NTWRK provides exclusive daily product drops that include sneakers, streetwear pieces and unique collectibles, livestream shopping festivals, and exclusive partnerships with brands and creators.
New funding will be used to further define the virtual-shopping experience by catering to the digitally native consumer market. Livestream shopping is poised to be the next big thing as retailers and brands began to embrace virtual shopping during the pandemic. The livestream shopping market in the United States is expected to reach $11 billion by the end of 2021 and $25 billion by 2023.
“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,” said NTWRK Chief Executive Officer Aaron Levant. “It’s exciting for NTWRK to have Goldman Sachs and Kering sign on for the future of livestream shopping.”
NTWRK has recently expanded into the world of nonfungible tokens (NFTs) by launching a curated marketplace for unique crypto artwork. NTWRK NFT allows users access to limited-edition and one-of-a-kind NFT artwork from digital creators. In the future, NTWRK users will be able to purchase physical and digital goods at the same time and redeem NFTs for limited-edition collectibles.