Cart.com, a provider of comprehensive e-commerce solutions meant to enable merchants to sell and fulfill, has landed $60 million in Series C funding from a variety of financial investors including B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight, and others.
The Austin, Texas-based company was founded in November 2020. Cart.com is one of the fastest-growing commerce and logistics companies with more than 6,000 brands currently on its platform. The software, services and fulfillment offerings aim to help solve the problems around staggering inventory, supply chain and promotional challenges within multichannel commerce brands.
As previously reported in WWD, Cart.com strategically partnered with FedEx at the end of 2022 to help streamline the online shopping experience for merchants and consumers.
Cart.com will utilize this funding round to meet B2B and enterprise customers’ demands and drive international expansion. The funding is an all-equity round and represents a pre-money valuation of $1.2 billion, an increase of nearly 50 percent in valuation since the company’s series B funding back in February 2022.
In 2022, the company grew in revenue by more than 500 percent across its software, services and fulfillment products and has doubled its gross merchandise value and fulfillment footprint. During that year, the company’s software generated more than $5 billion in gross merchandise and $10 trillion in product ads.
“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, chief executive officer and cofounder 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.”