Story first reported in the Wall Street Journal.
Company will use investment to meet accelerating demand from B2B and enterprise customers and drive international expansion
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The Series C funding of $60 million is an all-equity round and represents a pre-money valuation of $1.2 billion, an increase in valuation of nearly 50% since Cart.com’s Series B funding in February 2022.
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The round includes no structure or liquidity preferences.
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Founded in November 2020, Cart.com is among the fastest-growing commerce and logistics enablement leaders, with nearly 6,000 brands on its platform.
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In 2022, the company grew revenue by more than 500% across its software, services and fulfillment offerings and doubled its gross merchandise value and fulfillment footprint.
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AUSTIN, TX – June 27, 2023 – Cart.com, the leading provider of comprehensive commerce solutions that enable merchants to sell and fulfill everywhere, today announced it has raised a $60 million Series C equity funding round at a valuation of $1.2 billion. The round includes participation from B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight, and other strategic corporate and financial investors. The company will use the new investment to meet increased demand from enterprise and B2B clients, accelerate its international expansion, and expand product development across its software portfolio.
“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, CEO and Co-Founder of Cart.com. “As a leading commerce software and services provider, we are focused on enabling our customers to compete and win across every channel through digital tools and digitally driven logistics capabilities. We will continue to invest in our industry-leading commerce data capabilities, which are built to address the specific inventory, channel, and supply chain challenges facing enterprises.”
Cart.com’s software, services, and fulfillment offerings are solving the staggering inventory, supply chain, and promotional challenges multichannel commerce brands and large enterprises face in a fiercely competitive macroeconomic environment. The company will continue to invest in the expansion of its software and artificial intelligence capabilities to enable even greater order and inventory control across the commerce value chain, powered by predictive and prescriptive analytics.
“Cart.com is driving the evolution of commerce and unlocking business value through unified data across the entire value chain,” said Harsha Kapre, Snowflake Ventures. “With Cart.com’s data processing and data storage in Snowflake’s Data Cloud, they can provide customers with new options to keep control of their own data and take full advantage of Snowflake’s data analytics and data-sharing capabilities. We look forward to continuing our shared commitment to innovation, growth, and technology that delivers a competitive advantage in the market.”
Cart.com is building a next-generation commerce backbone unifying enterprise-grade software, expert services, and digitally driven logistics capabilities that enable merchants to sell and fulfill on every channel. In 2022, the company’s software powered over $5 billion in gross merchandise value, 140 million product listings, $10 trillion in product ads, and 11 billion marketplace repricing events.
FT Partners served as a strategic and financial advisor on the round.
About Cart.com
Cart.com is the leading provider of comprehensive commerce solutions that enable merchants and enterprises to sell and fulfill everywhere. The company’s enterprise-grade software, expert services, and logistics infrastructure enable thousands of customers to seamlessly accelerate their growth with capabilities previously only available to the world’s largest companies. For more information, please visit Cart.com and LinkedIn.
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