As per the information detailed in the press release, the investment from the two enterprises is to be leveraged towards the development of a modern commerce platform that will invest in, acquire, and operate high-potential brands.
An ‘every channel’ commerce platform, Kite is designed with the aim to support digital-first consumer product brands. Making use of the collective reach of Blackstone’s and Juxtapose’s resources, the company will be enabled to pursue transformational growth opportunities within the ecommerce space in ways that entrepreneurs would not be otherwise able to do on their own.
Based on the announcement, this is set to include harnessing the AI and the API economy towards building a modern technology stack that would drive manufacturing, supply chain, design, and customer acquisition ‘excellence’ at scale. In an incipit stage, Kite is set to focus on investing in and acquiring high-quality brands that help people invest in personal growth, nurture the people, pets, and places they care about, and equip themselves for day-to-day life.
Rob Solomon, Kite Co-Founder and CEO stated that current entrepreneurial brands aren’t set up to thrive, as commerce infrastructures are siloed, fragmented, and inefficient, and the creation of efficiencies across a product’s commerce journey is thought to help unlock its potential. Kite aims to reimagine how products are made, moved, stored, shipped, and sold, at scale.
Per the official’s statement, the belief is that as the company builds upon the platform’s suite of companies and products, it is set to amass increased insights into consumer preferences, buying behaviour, and brand-customer engagement. Together with the platform’s growth and expansion, the company is set to refine its ability to make data-driven strategic decisions to scale its brands in an intelligent manner.
Adding on the announcement, Jed Cairo, Co-Founder and Partner at Juxtapose, a creation-oriented investment firm advised that they believe consumer-facing commerce to be in the ‘early innings of a revolution’. The spokesperson stated that an increased number of categories are distancing themselves from brands advantaged by hyper-scale, TV advertising, and big box retail relationships to specialised, smaller brands that are quick and powered by world-class technology.
Apart from supporting M&A activity, this newly raised funding round is set to enable Kite to continue building out its team across functions of the likes of tech, supply chain, growth and marketing, design, and M&A.
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