SVB Extends Relationship with Commerce and Logistics Unicorn
HOUSTON – January 18, 2024 – Cart.com, a leading provider of unified commerce and logistics solutions that enable merchants to sell and fulfill anywhere, announced today it has secured a $70 million debt facility from Silicon Valley Bank (SVB), a division of First Citizens Bank. The latest facility is part of a larger $100 million debt refinancing provided by SVB’s Technology Corporate Banking Division and Trinity Capital Inc.
“Cart.com’s business grew 50% amid a challenging year for retailers and commerce enablement providers alike – a testament to the innovative logistics and commerce infrastructure solutions that are helping our mid-market and enterprise customers unlock more efficient growth,” said Cart.com Founder and CEO Omair Tariq. “We’re excited to once again partner with SVB as we continue to scale and look toward our next chapter of growth in 2024 and beyond.”
Cart.com provides physical and digital infrastructure to unify operations across channels and empowers more than 6,000 multichannel merchants to sell and fulfill anywhere their customers are. The company offers a complete suite of digitally driven logistics capabilities, enterprise-grade channel and order management software and expert services to simplify commerce for middle-market and enterprise companies. Cart.com supports over $8 billion in gross merchandise value and operates 14 omnichannel facilities nationwide, totaling over 8.5 million square feet of space. In June, the company announced it had raised a $60 million Series C equity funding round at a valuation of $1.2 billion.
"SVB is thrilled to support Cart.com as it continues its mission to unify the physical and digital infrastructure of commerce,” said Cindy Schatz, Market Manager with SVB. “This latest facility is a great example of the debt, banking solutions, and strategic advice that SVB can provide to later stage technology companies, both public and private, as they continue to succeed and scale in today’s dynamic market. We’re excited to expand our relationship with Cart.com and look forward to supporting its continued growth, as one of its key banking partners.”
SVB's Technology Corporate Banking Division works with some of the most innovative public and late-stage private companies in the U.S. technology sector, providing a full suite of lending and banking solutions, as well as guidance as a trusted partner helping clients succeed and quickly scale. SVB is proud to serve over two-thirds of the companies currently listed on the Forbes 2023 Cloud 100 list.
ABOUT CART.COM
Cart.com is the leading provider of unified commerce and logistics solutions that enable B2C and B2B companies to sell and fulfill anywhere their customers are. The company’s enterprise-grade software, services and logistics infrastructure, including its own network of fulfillment and distribution centers, are used by some of the world’s most beloved brands and most complex companies to unify commerce operations across channels and drive more efficient growth.
For more information, please visit Cart.com and LinkedIn.
ABOUT SILICON VALLEY BANK
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA ), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.
Media Contacts:
Cart.com: media@cart.com
SVB: Katie Ellis-Fredlund / kellis@svb.com
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