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Illustration: Rebecca Zisser/Axios

NTWRK, a livestream shopping platform, has raised $50 million in a new funding round, bringing its total amount raised to $60 million, the company said Thursday.

Why it matters: The pandemic dramatically expedited the shift to e-commerce, further increasing the opportunity for platforms like NTWRK to capitalize on growing trends, like live video shopping.

  • "I believe that it has accelerated consumer adoption by at least three years, which I believe is an exponential change in our favor," CEO Aaron Levant told Axios.

Catch up quick: NTWRK, which is headquartered in Los Angeles, launched in 2018 with the idea of creating a platform that would mix e-commerce and content. Much of what it focuses on is selling limited-edition merchandise, clothes, shoes and more to Gen-Z and millennial consumers.

Details: The round was led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs) and luxury company Kering, with participation from LionTree Partners and Tenere Capital, per a statement.

  • Previous investors include Main Street Advisors (whose investors include Jimmy Iovine, Drake, LeBron James), Live Nation and Foot Locker.
  • Allison Berardo, a vice president within the Growth Equity business, will be joining the board of directors at NTWRK.

The primary use of the new capital "will be growing our team and expanding our marketing efforts, as well as growing into new product categories for our marketplace," per Levant.

  • He noted that the company also plans to expand into new categories, like sneaker resell, trading cards, vintage and products to attract more female consumers to the platform.

What's next: NTWRK over the last two years has launched the ability for creators to sell NFTs on its platform in addition to selling physical goods. "We intend to continue to add more and more creators to this ever-growing segment of our business," Levant says.

Go deeper

Sep 24, 2021 - Technology

New features spread Twitter's wings

Illustration: Aïda Amer/Axios

Twitter on Thursday announced a slew of new product updates, spanning everything from a creator fund to live audio improvements and even Bitcoin tips.

Why it matters: For years, Twitter made few changes to its product, instead relying mostly on ad innovations to grow its business. Now, it's adding new features faster than it ever has before.

3 hours ago - Health

FDA authorizes mix-and-match for COVID booster shots

Photo: Francine Orr/Los Angeles Times via Getty Images

The Food and Drugs Administration (FDA) on Wednesday gave its approval for Americans to get booster shots that are different from the COVID vaccine they initially received.

Why it matters: The recommendation from the FDA, which also authorized booster shots for people who received Moderna and Johnson & Johnson vaccines on Wednesday, paves the way for an expansion of booster shots.

GOP congressman forfeits committee seats after indictment

Rep. Jeff Fortenberry. Photo: Al Drago/Bloomberg via Getty Images

Rep. Jeff Fortenberry (R-Neb.) on Wednesday stepped down from his committee assignments after being indicted for lying to federal investigators amid a probe into illegal campaign donations.

What they're saying: In a letter to House Speaker Nancy Pelosi, Fortenberry said he is "grateful for the outpouring of support from my friends and colleagues as we work against the injustice confronting me."