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Alternative Assets  + VC  | 
E-Commerce Unicorn Raises $60M at $1.2B Valuation

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 for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.