Cart.com, a leading unified commerce solutions provider, announced it has raised additional funding of $50 million and achieved a post-money valuation of $1.6 billion. This funding includes financing from funds and accounts managed by BlackRock and Neuberger Berman, new investors such as eGateway Capital, and other venture capital firms, strategic investors, and family offices. Since its founding, Cart.com has raised a total of $475 million.
In the last year, Cart.com completed the acquisition of OceanX, the fulfillment operation of Guthy-Renker, and Amify, an Amazon marketplace optimization and advertising solution, while adding significant new customers, including major brand portfolios like Authentic Brands Group and Bluestar Alliance, and others. During that period, the company’s logistics network grew from 13 to 18 omnichannel facilities totaling over 10 million square feet, with more than half of the network now temperature-controlled. The company also recently welcomed Bill Guthy, founder of Guthy-Renker, to its Board of Directors.
What the funding will be used for: The company plans to utilize the new funding to further fuel its global expansion through strategic investments in infrastructure, technology, and M&A. And the new funding will also be used to support and further enhance its platform with novel capabilities that enable customers to drive demand and grow profitably while navigating rapid marketplace change, including global trade disruptions resulting from evolving policy decisions.
And Cart.com has utilized investment capital for growth into new areas such as building a cold chain network to support the life sciences industry, developing end-to-end demand generation and merchant of record capabilities for mid-market to enterprise-level companies, and deploying resources for M&A integration.
KEY QUOTES:
“Cart.com is continuing our strong growth trajectory across all operating metrics, and we intend to utilize this additional capital to accelerate the expansion of our platform and bring our customers new capabilities to enable their growth. We founded Cart.com just four years ago and are well on our way to building the largest and most comprehensive platform in our space.”
Omair Tariq, Founder & CEO of Cart.com
