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.
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%.
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.
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