Cart.com – a leading provider of unified commerce and logistics solutions that enable merchants to sell and fulfill anywhere – recently announced it has secured a $70 million debt facility from Silicon Valley Bank (SVB), a division of First Citizens Bank. The latest facility is part of a larger $100 million debt refinancing provided by SVB’s Technology Corporate Banking Division and Trinity Capital.
Cart.com offers physical and digital infrastructure to unify operations across channels and empowers more than 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 channel and order management software and expert services to simplify commerce for middle-market and enterprise companies. And Cart.com supports over $8 billion in gross merchandise value and operates 14 omnichannel facilities nationwide, totaling over 8.5 million square feet of space. The company announced in June that it had raised a $60 million Series C equity funding round at a valuation of $1.2 billion.
SVB’s Technology Corporate Banking Division works with some of the most innovative public and late-stage private companies in the U.S. technology sector, offering a full suite of lending and banking solutions, and guidance as a trusted partner helping clients succeed and quickly scale. .
KEY QUOTES:
“Cart.com’s 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. 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.”
- Cart.com Founder and CEO Omair Tariq
“SVB is thrilled to support Cart.com as it continues its mission to unify the physical and digital infrastructure of commerce. 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.”
- Cindy Schatz, Market Manager with SVB
