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L Catterton invests in InMobi's Glance as it bets on AI shopping agents in the US
The consumer-focused investor did not disclose the size of the deal. Glance wants to move shoppers from inspiration to checkout on phones and TVs without a search box.
L Catterton, which describes itself as the largest consumer-focused investment firm and manages about $40 Bn of equity capital, has made a strategic investment in Glance, the AI shopping platform backed by InMobi. The deal was announced on October 26. Neither side disclosed the amount, the stake or a valuation, though Inc42 reported, citing sources, that it was a fresh equity infusion rather than a share purchase from existing investors.
Glance started in 2019 as a content layer on Android lock screens, founded by InMobi's four cofounders: Naveen Tewari, Piyush Shah, Abhay Singhal and Mohit Saxena. It has since repositioned itself as an agentic shopping service that learns a user's interests and shows products and styled looks before the user searches for anything, across smartphones, connected TVs and other screens. The company is operated by Singapore-registered Glance InMobi Pte Ltd and is backed by Google, Mithril Capital and Jio Platforms.
The US is the focus. Glance says it is already on millions of US devices through partnerships with Samsung, Motorola and DIRECTV, and L Catterton said it will lend its consumer and category expertise, operating teams and network to that expansion. Tewari, who leads both InMobi and Glance, called the investment a validation of a model in which commerce moves beyond search toward agentic shopping.
The deal follows two recent partnerships. On October 15 Glance added native PayPal checkout, so shoppers can discover products, try them on virtually, build a cart and pay inside the platform, which the announcement put at 60 Mn phones and connected TVs. In September it tied up with sizing data firm True Fit to bring fit recommendations into its virtual try on, with the first experiences planned for the 2026 holiday season.
Earlier money came in large cheques: Glance raised $145 Mn from Google and Mithril in December 2020, and Jio Platforms put in $200 Mn in February 2022 in a round that reportedly valued it at about $1.7 Bn. Whether a lock screen audience turns into a shopping habit, especially in a crowded US market, is the question this new backing is meant to help answer.
