This round brings Cart.com’s total funding to $143M. Here are the top-line bullets you need to know.
Cart.com, an “e-commerce-as-a-service” platform, has raised $98M in a Series B. The round drew participation from Oak HC/FT Partners, Clearco, G9 Ventures, and PayPal Ventures among others.
HOW’S THE COMPANY PERFORMING?
- Texas-based Cart.com helps businesses gain control over their online expansion. The company aims to provide enterprises with the same full range of e-commerce capabilities as today’s digital giants.
- Cart.com, which has helped over 2,000 e-commerce companies execute multichannel strategies, has experienced a 400% increase in sales since November 2020. It plans to grow its workforce by at least 15 times in 2021 — from less than 2 dozen people in January 2021 to over 300.
- The company’s platform now handles more than $700M in gross merchandise value (GMV) every year for online merchants.
WHY DOES THE MARKET MATTER?
- The e-commerce market is growing at a CAGR of 22.9% and is expected to reach $16.2T by 2027, according to Meticulous Research. This rapid growth is acting as a catalyst for the growth of allied industries like e-commerce enablement.
- The Covid-19 pandemic increased demand for online shopping.
- Investment in e-commerce initiatives increased by more than 50% between 2019 and 2020.
- In order to compete in a market dominated by Amazon, retailers are doubling down on unique strengths like niche assortment and distinctive convenience.