Cart.com will use the funding to explore acquisition opportunities and accelerate operational growth. Here are the top-line bullets you need to know.
Cart.com, a provider of e-commerce enablement technology, has raised $116.8M in unattributed vc funding. The round drew participation from Arsenal Venture Partners, Bearing Ventures, Citi Ventures, Legacy Knight, Mercury Fund, and Visa Ventures.
HOW’S THE COMPANY PERFORMING?
- Texas-based Cart.com offers e-commerce software, services, and infrastructure to retailers in order to help them develop and maintain their digital businesses.
- The company has experienced 400% revenue growth and processed more than $3B in gross merchandise value over the past year.
- The company has over 3K active brands on its platform.
- Cart.com acquired SellerActive and FB Flurry in January 2022 to help its customers sell their products more easily.
- The startup is supported by a team of over 850 employees.
Source: Cart.com
WHY DOES THE MARKET MATTER?
- The global e-commerce market is expected to reach a value of $16.22T by 2027, growing at a CAGR of 22.9%, according to Meticulous Market Research.
- E-commerce adoption has increased considerably over the past year — in fact, e-commerce sales shot up 35% YoY in 2021, according to McKinsey. This has compelled companies across industries to turn to e-commerce enablement tools to develop and enhance their digital presences.
