Trinity Capital – a leading provider of diversified financial solutions to growth-stage companies – recently announced the commitment of $30 million in growth capital to Cart.com, a provider of unified commerce and logistics solutions that enable merchants to sell and fulfill anywhere.
Cart.com offers physical and digital infrastructure to unify operations across channels and empowers over 6,000 multichannel merchants to sell and fulfill anywhere their customers are. And the company offers a complete suite of digitally driven logistics capabilities, enterprise-grade channels, order management software, and expert services to simplify commerce for middle-market and enterprise companies. Cart.com supports over $8 billion in gross merchandise value and operates 14 omnichannel facilities nationwide, totaling over 8 million square feet of space.
Cart.com announced in June that it had raised a $60 million Series C equity funding round at a valuation of $1.2 billion. The funding round included participation from B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight, and other strategic corporate and financial investors.
This investment is part of a larger $100 million debt refinancing that included Trinity and Silicon Valley Bank (a division of First Citizens Bank). The funding will further strengthen Cart.com’s balance sheet while allowing the company to remain strategically positioned as it continues to scale operations.
KEY QUOTES:
“We’re excited to add to our portfolio an innovative company that’s proving itself to be an indispensable commerce and logistics partner to a wide range of B2B, B2C and direct-to-consumer merchants. We look forward to playing an important role in supporting Cart.com’s growth.”
- Ryan Thompson, Managing Director, Tech Lending at Trinity
“With Trinity’s financing, Cart.com will double down on investments that support the growing demand for innovative logistics and commerce infrastructure solutions that help our customers unlock more efficient growth. In 2023, Cart.com successfully reached unicorn status while growing revenue 50% and achieving profitability. We’re excited to partner with Trinity, a proven and trusted provider of capital to growth-stage companies, to fuel our next chapter of profitable growth in the years to come.”
- com Founder and CEO Omair Tariq
