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Alternative Assets  + VC  |  June 29, 2023
E-Commerce Unicorn Raises $60M at $1.2B Valuation
Joe Palmisano
By: Joe Palmisano

E-Commerce Unicorn Raises $60M at $1.2B Valuation

Cart.com, an Austin-based specialist in e-commerce software and services, is now a unicorn company with a $1.2 billion valuation following a $60 million Series C equity funding round.

The round included participation from B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight, among others.

The valuation is nearly a 50% increase since the startup’s Series B funding in February 2022 when it raised $100 million. Cart.com has raised $440 million in total since being founded in November 2020 by CEO Omair Tariq and Jim Jacobson.

The company intends to use the funds to invest in the expansion of its software and artificial intelligence capabilities, as well as to expand its business reach among B2B and enterprise customers.

Cart.com reportedly grew revenue by more than 500% in 2022 and has almost 6,000 brands using its platform. Its users have access to tools across inventory, supply chain, marketing, data, procurement, and more.

The startup announced $240 million in equity and debt funding from Legacy Knight Capital Partners, the equity investment arm of the Legacy Knight Multifamily Office, last year.

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Cart.com

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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