Silicon Valley’s top venture capital funds have faced off again for an equity stake in a nascent social media app. This time it’s Popshop Live, a livestreaming app that enables individuals and businesses to sell products such as comic books and DIY crafts directly to customers.
The Los Angeles–based startup has raised Series A funding at a pre-money valuation of approximately $100 million. Benchmark beat out rivals including Andreessen Horowitz and Lightspeed Venture Partners to lead the round, according to people familiar with the talks. To help secure the deal, Matt Cohler, a general partner at Benchmark who stepped back from investing in 2018, is joining the startup’s board of directors.
