eCommerce-as-a-Service company Cart.com on Thursday (Feb. 3) announced it has added $240 million in new equity and debt funding, bringing its total investment capital through myriad fundraising efforts to $380 million.
Growth equity platform Legacy Knight Capital Partners led Cart.com’s equity round, which also snagged investments by Citi Ventures, Visa and other Fortune 100 brands. J.P. Morgan and TriplePoint Capital provided the venture debt financing for Cart.com, according to the press release.
Cart.com, which now has more than 850 employees, has seen its revenues jump more than 400% in the past year, according to the announcement.
“Cart.com’s strategic growth underscores our status as the undisputed end-to-end eCommerce champion, giving today’s top merchants the tech-driven edge and operational capabilities they need to grow fast and realize their full potential,” said Omair Tariq, CEO of Cart.com.
“With this new funding, we’re poised to continue our strategy of acquiring top providers from across the eCommerce value chain, while staying hyper-focused on meeting the evolving needs of the brands we serve,” he continued.
According to the release, Cart.com has processed more than $3 billion in gross merchandise value (GMV) in the past 12 months.
The company also recently acquired direct-to-consumer (D2C), business-to-business (B2B) fulfillment and customer care provider FB Flurry and Software-as-a-Service (SaaS) eCommerce platform SellerActive. The FB Flurry acquisition will help Cart.com brands to offer two-day delivery to most U.S. customers.
Related: Cart.com Buys SellerActive to Boost eCommerce Solutions
Cart.com plans to fold SellerActive’s multichannel management platform into its own, which should help boost revenues for merchants on the site.
SellerActive focuses on multichannel selling for 800 brands and has a listings management tool to let brands control how products are presented across marketplaces and sales channels.
The company also has inventory management to cut overselling and customized algorithmic pricing to help with revenues and price syncing, as well as fulfillment automation to support shipment splitting and multiple fulfillment centers.
Through the acquisition, SellerActive clients now have access to Cart.com’s suite of eCommerce offerings, including online storefront software, logistics and fulfillment, artificial intelligence (AI)-driven unified analytics and more.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More