The investment, led by General Catalyst Partners, will be used to accelerate the development of L2’s subscription business intelligence service and to expand its global presence. More specifically, the money will be used to deepen existing benchmarking of leading brands’ digital footprints via its Digital IQ Index.

L2 has also named Paul Sagan and Larry Bohn of General Catalyst to its board.

“We wanted to partner with other entrepreneurs and a firm with a record of helping companies deploy technology to reshape markets. General Catalyst brought both,” said Scott Galloway, founder and CEO of L2 (pictured).

Sagan added: “I’ve known Scott for almost two decades and have been tracking the development of L2’s influence on industry.

“Many of our portfolio companies and industry contacts referenced the value L2 delivers. L2’s formidable client base confirmed our confidence in the DIQ,’s ability to offer insight, discipline and cost-effectiveness in a notoriously opaque market.”