L Catterton has made a strategic investment in InMobi-backed AI agentic commerce platform Glance.
The investment will accelerate Glance's global expansion into AI-driven shopping and lock-screen commerce.
Backed by Google and Jio Platforms, Glance leverages agentic AI to personalize the digital consumer experience.
L Catterton Makes Strategic Investment In Jio Platforms-Backed AI Agentic Commerce Platform Glance
Global consumer-focused private equity firm partners with InMobi's Glance to accelerate its expansion into AI-driven agentic shopping across global markets
Summary
Glance, the home-grown AI agentic commerce platform backed by Jio Platforms, said on Monday that it has raised an undisclosed amount of capital from consumer-focused investment firm L Catterton in exchange for fresh equity shares.
"L Catterton is one of the most respected investment firms in the consumer space, with an extraordinary track record of identifying and building category-defining brands.
"Their decision to back Glance is a validation of the shopping model we've created and our belief that the future of commerce will move beyond search toward agentic shopping," InMobi and Glance Founder and CEO, Naveen Tewari, said.
L Catterton manages approximately USD 40 billion of equity capital across multiproduct platforms dedicated to private equity, credit, and real estate.
Glance has raised fresh funds after a more than four-year gap by issuing fresh equity shares.
The firm had last raised USD 200 million in February 2022 from Jio Platforms at an estimated enterprise valuation of USD 1.7 billion to USD 1.8 billion.
In December 2020, Google led a USD 145 million fundraise along with existing investor Mithril Capital.
Silicon Valley-based Mithril Capital, co-founded by Ajay Royan and Paypal co-founder Peter Thiel, initially backed the firm with USD 45 million in September 2019 and continues to be an investor.
"Agentic commerce is fundamentally changing how consumers discover and shop for products, creating significant opportunities for brands that can make the journey more personal, intuitive, and engaging," said Scott Dahnke, Global CEO of L Catterton.
"Glance is uniquely positioned to capitalise on this evolution, combining a differentiated consumer proposition with broad distribution across the screens where people spend their time. We look forward to bringing L Catterton's deep consumer expertise, operating capabilities, and global network to our partnership with Glance as the company realises its significant growth potential."
Glance utilises idle mobile and television screens to display e-commerce and other content.
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"Agentic commerce is fundamentally changing how consumers discover and shop for products, creating significant opportunities for brands that can make the journey more personal, intuitive, and engaging. Glance is uniquely positioned to capitalise on this evolution," L Catterton, Global CEO, Scott Dahnke said.
Through partnerships with Samsung, Motorola, and DIRECTV, Glance is already available on millions of devices across the US.
The company recently expanded its presence on Android TV in the US, India and Japan in collaboration with Google.
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