Cart.com Raises a Whopping $98 Million in Additional Funding
Cart.com announced the close of a $98 million Series B round, bringing the company’s total funding since its launch eight months ago to more than $140 million.
Don’t Miss
- Do you need a business bank account for your online business? Have a look at our review of the five best bank accounts for sellers, some of which are free with no minimum balance or deposits.
- Boost your social media engagement with Publer. Learn how you can save time writing engaging content faster with AI. [sponsored]
- eBay to compete with sellers now!
- New stamp prices and fee increases are coming from USPS on July 9.
- SMALL BUSINESS WEEK SPECIAL: Three tips for SMB ecommerce success in 2023.
The round was led by Oak HC/FT, a premier venture growth equity fund investing in tech-enabled healthcare and financial services companies, with participation from PayPal Ventures, the venture capital arm of the global payments company.
Also joining the round are Clearco, Raven One Ventures, G9 Ventures and prior investors Mercury Fund, Moonshots Capital, Valedor Partners, and Arsenal Growth. Other strategic investors in this round include Sebastian Rymarz, CEO of Heyday, Phillip Krim, CEO of Casper, as well as executives at Discover Financial, Robinhood, Blinds.com, and Uber.
“At Cart.com, we believe eCommerce brands should be free to scale up without having to juggle countless outside vendors, and without compromising their unique vision for their brand. Our one-stop platform supports sellers across the full range of eCommerce functionality, empowering them to efficiently scale up and reach new markets using proven, best-of-breed services and technologies.”
Omair Tariq, CEO of Cart.com
Founded in November 2020, Cart.com serves over 2,000 eCommerce brands, helping them pursue multichannel strategies. Since the company’s launch, revenues have increased by 400%.
Cart.com Growth
In 2021, the company plans to grow its headcount 15-fold from fewer than two dozen employees in January to over 300 team members by year’s end.
Cart.com will use the new funding to enhance its eCommerce-as-a-Service integrated platform, which brings together all eCommerce functions – including storefront engine, payments, marketing, design, and customer service – under one roof.
Since its launch, Cart.com has acquired seven companies including AmeriCommerce, Spacecraft Brands, and most recently DuMont Project and Sauceda Industries. The company also partners with industry-leading third-party solution providers to offer specialist services to its clients.
As part of its mission to offer a flexible and comprehensive eCommerce platform, the company plans to continue to acquire top-notch solution providers to enhance Cart.com’s service offering.
With its platform, Cart.com helps brands and omnichannel retailers sell online and is already processing more than $700 million in gross merchandise volume (GMV) per year.
Prominent customers include household brands such as GNC; high-growth start-ups such as Haymaker Coffee, a family-owned artisanal coffee roaster; and multi-store B2B enterprises such as KeHE, the multi-billion dollar distributor of leading brands including Kikkoman soy sauce.
Subscribe to Our Newsletter
We do not sell your information.
You can unsubscribe at any time.
Head over to our Facebook Group for Small Business Marketplace Sellers and interact with us and other small business owners. Follow us on Facebook, Twitter, or LinkedIn to stay up to date with relevant news and business insights for your online business.
Editorial Note: This post is from a Company Press Release and may have been modified for clarity.