- SamCart — an e-commerce platform designed for direct-to-consumer brands — announced it has raised a $10 million Series-A funding round. These are the details.
SamCart — an e-commerce platform designed for direct-to-consumer brands — announced it has raised a $10 million Series-A funding round led by TTV Capital. Fin VC and George Kaiser Foundation also joined in the round.
The demand for SamCart’s solution has soared during COVID-19 and the company experienced high double-digit growth in 2020, closing the year with more than 14,000 customers and more than half a billion dollars in sales processed.
As online shopping has changed, people have been discovering products outside of the traditional online store environment and they are expecting a fast and seamless buying experience once they visit a brand’s site. SamCart is a new e-commerce platform that takes advantage of these major shifts in buying behavior and helps businesses easily launch new products and rapidly increase their sales.
There are tens of thousands of entrepreneurs from independent creators to million-dollar online brands use SamCart to get a variety of products — physical, digital, subscription, or service — in front of consumers without the need for marketing expertise or large storefront websites.
The Series A funding round will enable SamCart to invest in marketing efforts, as well as staff recruitment in Austin, Texas, and the Washington D.C. area to support company and customer growth.
KEY QUOTES:
“This past year has radically changed the way people interact with products and services online. We’re seeing an entire new group of online shoppers become more comfortable expanding the types of things they buy online, like e-learning, online acting or music classes, and more. There’s no better time than now to start selling directly to consumers with an omnichannel, product-first strategy.”
— Brian Moran, founder and CEO of SamCart
“Direct-to-consumer commerce grew three-to-six times the rate of overall e-commerce from 2016 to 2019, which has contributed to SamCart’s success in that time. When COVID-19 added fuel to direct-to-consumer commerce growth, SamCart’s e-commerce model was a unique match for what entrepreneurs needed to best reach customers during that time. We see a lot of potential for SamCart’s business model to continue growing at the pace it experienced in 2020 because we believe the past few years have forever trained a new wave of online shoppers who are more interested in products that suit a specific purpose over brands. We’re excited to support SamCart and help boost its efforts to reach more entrepreneurs that provide a lot of value to communities worldwide.”
— Sean Banks, Partner, TTV Capital
“The team at SamCart have built the best tech infrastructure for direct-to-consumer businesses. Their solution allows these businesses to compete with the big corporations and we look forward to seeing how they continue to support SMBs globally.”
— Peter Ackerson, General Partner at Fin VC
