Comprehensive commerce solutions provider Cart.com has raised $60m in a Series C equity funding round, valuing the company at $1.2bn.
The latest funding round was joined by B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight and other strategic corporate and financial investors.
The company will use the funding to address the growing demand from enterprise and B2B clients while also facilitating its global expansion and product development across its software portfolio.
Cart.com CEO and co-founder Omair Tariq said: “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.
“As a leading commerce software and services provider, we are focused on enabling our customers to compete and win across every channel through digital tools and digitally driven logistics capabilities. 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.”
Cart.com supplies software, services and fulfilment solutions that enable merchants and enterprises to sell and fulfil on every channel.
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Last year, the company registered a gross merchandise value of more than $5bn, 140 million product listings, $10trn in product ads and 11 billion in marketplace repricing events.
The company aims to continue investment in strengthening its software and artificial intelligence capabilities.
It is expected to allow Cart.com to exercise greater control over order and inventory using predictive and prescriptive analytics.
In 2021, the company raised $98m in a Series B round led by Oak HC/FT, a premier venture growth equity fund.