Company plans strategic acquisitions amidst explosive revenue growth
Cart.com, the first end-to-end ecommerce services provider, today announced the close of a $98million Series B round, bringing the company’s total funding since its launch eight months ago to more than $140 million. The round was led by Oak HC/FT, a premier venture growth equity fund investing in tech-enabled healthcare and financial services companies, with participation from PayPal Ventures, the venture capital arm of the global payments company. Also joining the round are Clearco, Raven One Ventures, G9 Ventures and prior investors Mercury Fund, Moonshots Capital, Valedor Partners, and Arsenal Growth. Other strategic investors in this round include Sebastian Rymarz, CEO of Heyday, Phillip Krim, CEO of Casper, as well as executives at Discover Financial, Robinhood, Blinds.com, and Uber.
“At Cart.com, we believe ecommerce brands should be free to scale up without having to juggle countless outside vendors, and without compromising their unique vision for their brand,” said Omair Tariq, CEO of Cart.com. “Our one-stop platform supports sellers across the full range of ecommerce functionality, empowering them to efficiently scale up and reach new markets using proven, best-of-breed services and technologies.”
Cart.com, which serves over 2,000 ecommerce brands as they pursue multichannel strategies, has seen explosive growth since its launch in November 2020, with revenues increasing by more than 400% since the start of the year. The company will also increase headcount by at least 15Xduring 2021, from fewer than two dozen employees in January to over 300 team members by year-end.
The new financing will enable Cart.com to further strengthen its game-changing Ecommerce-as-a-Service (ECaaS) fully integrated platform, which brings the entire range of ecommerce functions — including storefront engine, payments, marketing and creative design, sales enablement, fulfillment, and customer service — under a single umbrella. Since launch, Cart.com has acquired seven companies including — AmeriCommerce, Spacecraft Brands, and more recently DuMont Project, and Sauceda Industries. The company plans to continue acquiring best-in-class solution providers as it creates a unified full-service ecommerce platform that is both flexible and comprehensive for brands.
“Realizing the potential of a promising ecommerce brand is never easy, but Cart.com’s true full-service platform gives both startups and established brands the tools they need to succeed at scale,” said Allen Miller, Principal at Oak HC/FT. “In the fragmented world of ecommerce, Cart.com’s unified platform puts merchants back in control of their business, empowering them to stay focused on their brand, product, and customers. We’re thrilled to be supporting their mission.”
Cart.com’s platform, which is relied upon by online sellers ranging from direct-to-consumer brands to omnichannel retailers, now processes more than $700 million in gross merchandise value (GMV) per year. Prominent customers include household brands such as GNC; high-growth start-ups such as Haymaker Coffee, a family-owned artisanal coffee roaster; and multi-store B2B enterprises such as KeHE, the multi-billion dollar distributor of leading brands including Kikkoman soy sauce.
Cart.com is the first end-to-end ecommerce solutions provider delivering a fully integrated and owned suite of software, expert services and infrastructure to scale businesses online. Founded in September 2020 by experienced ecommerce experts, Cart.com is on a mission to put brands back in charge of their ecommerce journey and their customer relationships as the premiere Ecommerce-as-a-Service (ECaaS) provider in the ecommerce services space. Cart.com offers a wealth of business solutions - including online store software, digital marketing services, fulfillment services, financial services, and customer service capabilities so brands of any size are able to work with a single partner to attain the same capabilities as some of the world's largest companies. For more info: Cart.com, LinkedIn.
About Oak HC/FT
Founded in 2014, Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services ("HC") and Financial Services Technology ("FT"). With $3.3 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT, with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn, and Medium.