RTIH Innovation Awards winner Cart.com bags $70 million in debt refinancing from Silicon Valley Bank
Cart.com, a provider of unified commerce and logistics solutions for merchants, has secured a $70 million debt facility from Silicon Valley Bank (SVB), a division of First Citizens Bank.
This is part of a larger $100 million debt refinancing provided by SVB’s Technology Corporate Banking Division and Trinity Capital.
It follows a Series C in June 2023 with a $60 million equity round at a valuation of $1.2 billion.
“Our business grew 50% amid a challenging year for retailers and commerce enablement providers alike – a testament to the innovative logistics and commerce infrastructure solutions that are helping our mid-market and enterprise customers unlock more efficient growth,” says Cart.com Founder and CEO Omair Tariq.
“We’re excited to once again partner with SVB as we continue to scale and look toward our next chapter of growth in 2024 and beyond.”
"SVB is thrilled to support Cart.com as it continues its mission to unify the physical and digital infrastructure of commerce,” says Cindy Schatz, Market Manager with SVB.
“This latest facility is a great example of the debt, banking solutions, and strategic advice that SVB can provide to later stage technology companies, both public and private, as they continue to succeed and scale in today’s dynamic market.”
“We’re excited to expand our relationship with Cart.com and look forward to supporting its continued growth, as one of its key banking partners.”
2022 RTIH Innovation Awards
Cart.com emerged victorious at the 2022 RTIH Innovation Awards, 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 2022.
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.”
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