Raises $60 Million in Series C Capital
Cart.com, a provider of comprehensive e-commerce solutions that allow merchants to sell and fulfil, has received $60 million in Series C funding from a group of investors that includes B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight, and others.
The firm was created in November 2020 in Austin, Texas. Cart.com is one of the fastest-growing commerce and logistics startups, with over 6,000 brands on its platform now. The software, services, and fulfilment options are designed to assist multichannel commerce firms in dealing with soaring inventory, supply chain, and promotional concerns.
Cart.com, as previously reported by WWD, has strategically collaborated with FedEx to assist expedite the online purchasing experience for merchants and customers by the end of 2022.
Cart.com will use this round of investment to satisfy the needs of B2B and business clients while also expanding internationally. The fundraising is an all-equity transaction with a pre-money valuation of $1.2 billion, representing a roughly 50% rise in valuation from the company’s series B funding in February 2022.
In 2022, the company’s revenue increased by more than 500 percent across its software, services, and fulfilment solutions, and its gross merchandise value and fulfilment footprint more than doubled. The company’s software generated more than $5 billion in gross commerce and $10 trillion in product advertisements that year.
“We are proud to partner with this prestigious group of investors to accelerate our growth and continue to deliver best-in-class solutions to our customers,” said Omair Tariq, Cart.com’s CEO and cofounder. “As a leading commerce software and services provider, we are committed to empowering our customers to compete and win across all channels by leveraging digital tools and digitally driven logistics capabilities.” We will keep investing in our industry-leading commerce data capabilities.Cart.com, as previously reported by WWD, has strategically collaborated with FedEx to assist expedite the online purchasing experience for merchants and customers by the end of 2022.
