Cart.com, a major provider of comprehensive commerce solutions allowing merchants to sell and fulfil everywhere, recently bagged $60m.
The company successfully raised the funding in a Series C equity funding round, reaching a valuation of $1.2bn. This round of funding saw contributions from several investors, including B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight, along with other strategic corporate and financial investors.
Cart.com delivers top-of-the-line commerce solutions that effectively address the complex challenges associated with inventory, supply chains, and promotions. As multichannel commerce brands and large enterprises grapple with a fiercely competitive macroeconomic environment, Cart.com’s software, services, and fulfilment offerings are proving to be vital tools for success.
The fresh injection of capital will be directed towards meeting the growing demand from enterprise and B2B clients, accelerating the company’s international expansion, and bolstering product development across its extensive software portfolio. A significant portion of the investment will also be allocated towards the expansion of its software and artificial intelligence capabilities to foster better order and inventory control across the commerce value chain.
Cart.com is set to build a next-generation commerce backbone that consolidates enterprise-grade software, expert services, and digitally driven logistics capabilities, enabling merchants to sell and fulfil on every channel. Last year, the company’s software powered over $5bn in gross merchandise value, supported 140 million product listings, facilitated $10tn in product ads and saw 11 billion marketplace repricing events.
Cart.com CEO and Co-Founder, Omair Tariq, expressed his excitement over the partnership with the group of investors. He remarked, “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.”
Harsha Kapre, Industry Principal for Retail Data & Technology at Snowflake Ventures, commended Cart.com for driving the evolution of commerce and unlocking business value through unified data across the entire value chain.
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