E-commerce platform Cart.com secures $60 million Series C funding round at $1.2 billion valuation
Cart.com, a US-based specialist in e-commerce software and services, has raised a $60 million Series C equity funding round at a valuation of $1.2 billion.
This is an increase in valuation of nearly 50% since the startup’s Series B funding in February 2022.
Cart.com has raised $440 million in total since being founded in November 2020.
The Series C includes participation from 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 new investment to meet increased demand from enterprise and B2B clients, accelerate its international expansion, and expand product development across its software portfolio.
“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,” says Omair Tariq, CEO and Co-Founder at Cart.com.
“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 is driving the evolution of commerce and unlocking business value through unified data across the entire value chain,” says Harsha Kapre, Industry Principal for Retail Data & Technology at Snowflake Ventures.
“With their data processing and data storage in Snowflake’s Data Cloud, they can provide customers with new options to keep control of their own data and take full advantage of Snowflake’s data analytics and data sharing capabilities.”
“We look forward to continuing our shared commitment to innovation, growth and technology that delivers a competitive advantage in the market.”
2022 RTIH Innovation Awards
Cart.com emerged victorious at the 2022 RTIH Innovation Awards in December, picking up the Startup of the Year gong.
Our 2022 winners were revealed at a sold out event in central London on Tuesday, 6th December.
Our judging panel praised Cart.com for “enabling brands to optimise their product listings, pricing and traffic, as well as their channel strategy by leveraging AI’s predictive capabilities to show up on the channels where their customers are buying.”
RTIH Editor, Scott Thompson, said: “Innovation and technology play a critical role in the success of the retail sector, so it is great to recognise standout examples through our awards.”
“Thanks to all those who entered the 2022 event. We received a record number of submissions and many fantastic examples of the continued resilience and dynamism of the retail space during hugely challenging times.”
“Congratulations to our 2022 retail technology hall of fame entrants.”
The 2023 RTIH Innovation Awards are now open for entries. Click here for further information.
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