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February 4, 2022

Cart.com secures $240m in equity and debt funding from investors

The company has secured $380m in capital to date and is preparing for further expansion.

US-based e-commerce company Cart.com has secured $240m in equity and debt funding as part of its ongoing growth strategy.

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Legacy Knight Capital Partners led the company’s latest funding round, with Citi Ventures, Visa and other Fortune 100 brands among the participating investors.

Based in Austin, Texas, Cart.com supplies a fully integrated and owned suite of software, expert services and infrastructure to online businesses.

The company plans to use the proceeds from the funding to expand its platform both domestically and worldwide.

Cart.com CEO Omair Tariq said: “Cart.com’s strategic growth underscores our status as the undisputed end-to-end e-commerce champion, giving today’s top merchants the tech-driven edge and operational capabilities they need to grow fast and realise their full potential.

“With this new funding, we’re poised to continue our strategy of acquiring top providers from across the e-commerce value chain while staying hyper-focused on meeting the evolving needs of the brands we serve.”

Founded in 2020, Cart.com saw its revenue grow by more than 400% in the first quarter of this year.

With this funding round, the company has raised a total of $380m in capital to date.

The funding comes after Cart.com acquired direct-to-consumer (DTC) and business-to-business (B2B) fulfilment and customer care provider FB Flurry and software-as-a-service (SaaS) multichannel e-commerce tool provider SellerActive.

By acquiring FB Flurry, the company aims to allow brands to offer inexpensive two-day delivery options to most areas of the US.

Legacy Knight chief operating officer and managing partner David Sawyer said: “What Omair and the team at Cart.com have accomplished in the last 14 months is nothing short of remarkable.

“They have proven they have the ability to rapidly execute on their vision of building the first fully end-to-end e-commerce platform at massive scale.”

“Cart.com is the shining example of the world-class innovation occurring in Texas right now and Legacy Knight is thrilled to support them.”

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.