Cart.com, an end-to-end ecommerce leader, closed $240 million in new equity and debt funding. Legacy Knight Capital Partners, the growth equity arm of Legacy Knight Multifamily Office, led the equity round with participation from Citi Ventures, Visa and other Fortune 100 brands. J.P. Morgan and TriplePoint Capital provided the venture debt financing. When combined with prior funding rounds, Cart.com has now secured $380 million in capital to date.
The funding caps a year of extraordinary team and capability growth, and comes as the company prepares for the international rollout of its game-changing end-to-end ecommerce platform for online brands. During the past year alone, Cart.com has seen revenues leap more than 400%, and grown its team size past 850 employees in Q1 2022.
“Cart.com’s strategic growth underscores our status as the undisputed end-to-end ecommerce champion, giving today’s top merchants the tech-driven edge and operational capabilities they need to grow fast and realize their full potential,” Omair Tariq, CEO of Cart.com, said. “With this new funding we’re poised to continue our strategy of acquiring top providers from across the ecommerce value chain, while staying hyper-focused on meeting the evolving needs of the brands we serve.”
Adding to Cart.com’s existing streamlined capabilities in marketing, fulfillment, storefront management and analytics, recent acquisitions have included FB Flurry, a tech-driven DTC and B2B fulfillment and customer care provider, and SellerActive, a provider of SaaS multichannel ecommerce tools. The two acquisitions bolster Cart.com’s support of merchants who want to sell their products in more places easily, while delivering their customer’s orders seamlessly. The addition of FB Flurry to Cart.com’s fulfillment network expands the footprint nationally, further enabling brands to offer inexpensive two-day delivery options to the majority of U.S consumers.
“Citi Ventures is excited about the future of commerce and we were particularly impressed by how quickly and seamlessly Cart built a comprehensive platform to power e-commerce. Omair’s industry expertise and M&A playbook have enabled the company to rapidly identify targets, execute acquisitions, and fully integrate new partners into Cart’s unified platform. Citi Ventures looks forward to supporting the Cart team on its continued expansion,” Luis Valdich, managing director at Citi Ventures, said.
Led by an executive team consisting of seasoned industry veterans with experience leading ecommerce giants including Walmart.com, Home Depot and Bonobos, Cart.com has processed more than $3 billion in gross merchandise value (GMV) over the last twelve months.
“The Cart.com team is building a platform that can help sellers of all sizes grow faster as the future of commerce becomes increasingly digital,” Rubail Birwadker, senior vice president of global digital partnerships at Visa, said. “As a leader in digital payments, we are excited to continue to partner with Cart.com to put brands in charge of their ecommerce journey and customer relationships.”
“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 ecommerce platform at massive scale,” David Sawyer, COO and managing partner of Legacy Knight, said. “Cart.com is the shining example of the world class innovation occurring in Texas right now and Legacy Knight is thrilled to support them.”