
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.