Liftoff welcomes new investor as General Atlantic acquires minority stake

Liftoff majority shareholder Blackstone has agreed to sell a minority stake in the company to global investor General Atlantic.

The move will allow General Atlantic to support Liftoff’s growth by scaling its Cortex AI platform, strengthening its position in the app economy, and expanding through strategic mergers and acquisitions.

As part of the transaction terms, Blackstone will continue to hold the majority of shares. Moreover, Goldman Sachs and Jefferies are financial advisors to Liftoff and Blackstone, while Simpson Thacher & Bartlett is their legal advisor. 

Morgan Stanley and Paul Weiss are advisors to General Atlantic. The transaction is subject to regulatory approvals and customary conditions. It is expected to close by mid-2025.

“Continuity and ambition" 

Liftoff was formed in 2021 through the merger of Liftoff and Vungle, with Blackstone driving the formation. 

“This moment represents a potent combination of continuity and ambition," said Liftoff CEO Jeremy Bondy. “Our partnership with Blackstone has been transformative – over the past three years, we’ve merged Liftoff and Vungle, launched Cortex, and delivered significant momentum. 

“The investment from General Atlantic is a testament to that progress, marking the next phase of our ascent and reinforcing our leadership across performance-driven mobile growth. 

“While I’m proud of what we’ve accomplished, we’re still in the early innings of growth in a large and rapidly evolving category, with a team built for this moment and the rare opportunity to shape its future. 

“We look forward to building the leading platform for the largest and fastest-growing media environment in the world: the mobile phone.”