Consumer-focused private equity firm L Catterton has invested in AI-powered shopping platform Glance, as the associate of advertising technology company InMobi looks to expand its presence in the US and capitalise on the emergence of agentic commerce.
L Catterton said in a statement Monday it will support Glance’s expansion by bringing its consumer-sector expertise, operating capabilities and global network to the business, with a particular focus on the US market.
The investment amount and transaction terms were not disclosed.
“Agentic commerce is fundamentally changing how consumers discover and shop for products,” said Scott Dahnke, global chief executive of L Catterton. He added that Glance combines a differentiated consumer proposition with distribution across multiple screens.
Glance is developing AI-led shopping solutions that use consumers’ interests and preferences to recommend products across smartphones, connected televisions and other digital platforms.
The company has partnerships with television original equipment manufacturers such as Samsung, Motorola and DIRECTV, as it extends its reach across mobile devices and television screens in the US.
Glance is operated by Singapore-based Glance InMobi Pte Ltd and was founded in 2019. It is an associate of InMobi Technology Services Pte Ltd, and has previously raised capital from technology and investment firms including Mithril Capital, Google and Jio Platforms Ltd.
Mithril Capital invested $45 million in the company in September 2019. In December 2020, Glance raised $145 million from Google and Mithril Capital, reaching unicorn status. Jio Platforms agreed to invest $200 million in a Series D round announced in February 2022 at a valuation of around $1.7 billion to $2 billion to support its international expansion.
L Catterton manages approximately $40 billion in equity capital across private equity, credit and real estate strategies. Founded in 1989, the firm has made more than 300 investments in consumer businesses globally.
Its previous investments in India include pet food maker Drools, beauty and personal care brand Sugar Cosmetics, healthy snacking company Farmley, packaged food maker Haldiram’s, and Jio Platforms.
The firm has strengthened its India presence through a partnership with former Hindustan Unilever chief executive Sanjiv Mehta and an India-focused consumer fund with an investment target of $400 million.