Austin-based e-commerce and logistics startup Cart.com announced Tuesday that it closed on a $60 million Series C. The funding round brings its total valuation to $1.2 billion — an increase of nearly 50 percent since its last fundraise in February of 2022, according to the company.
Founded in 2020, Cart.com offers a range of services that help brands fulfill and manage their online orders, optimize their e-commerce storefronts, and more effectively engage with consumers. The goal is to help companies navigate the complexities of inventory, supply chain and promotional challenges.
In 2022 alone, the company says its software powered more than $5 billion in gross merchandise value, 140 million product listings and $10 trillion in product ads for the nearly 6,000 brands on its platform. It also grew its own revenue by more than 500 percent, and doubled its fulfillment footprint, according to the company.
Now, this fresh capital has made Cart.com Austin’s newest unicorn. The round includes participation from B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight and a group of other investors. The money will be used to help Cart.com meet increased demand from its enterprise and B2B clients, accelerate its international expansion and fuel product development, with a particular focus on data.
“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,” Omair Tariq, Cart.com’s CEO and co-founder, said in a statement. “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.”
