Live shopping becomes a hot trend! US live e-commerce company NTWRK receives $50 million in financing

It is learned that the US live shopping application NTWRK recently announced the completion of US$50 million in new financing, led by Goldman Sachs Asset Management and global luxury group Kering, and participated by luxury brands Gucci, Yves owner Saint Laurent, Bottega Veneta and others.

NTWRK, which has been working to capitalize on growing interest in livestream shopping and creator content, said it will use the funding to fuel growth in its livestream e-commerce business and work toward building a more global footprint.

Targeting young Gen Z and millennial consumers, NTWRK provides tools that allow creators to interact with their audiences in real time and sell products. Its business model is not just about providing shopping live broadcasts that can be watched at any time, but also regularly pushing products. This feature has only later entered larger social media platforms, such as Instagram, which launched the "Drops" feature this spring.

This summer, NTWRK also launched NTWRKNFT to enter the digital goods market.

Live shopping has become a popular trend overseas, but it is still in the development stage in the U.S. NTWRK pointed out in the announcement that live shopping in China reached $150 billion in 2020 and is expected to grow to $300 billion this year. But in the U.S., it is expected to reach $11 billion by the end of 2021 and $25 billion by 2025, with a lot of room for growth.

It is understood that NTWRK has previously raised US$10 million in Series A financing.

Editor ✎ Xiao Zhu/

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