Built In Austin: E-Commerce Startup Cart.com Raised $240M to Fuel Growth
Posted on February 9th 2022, 6:32:11 pm
(Image Source: Cart.com)
Austin’s rising e-commerce startup, Cart.com has acquired fresh funding of $240M following several months of rapid growth. The equity round was led by Knight Capital Partners, with participation from Citi Ventures, Visa and a few other Fortune 100 companies. Having secured $380M to-date, the firm is building an end-to-end platform that allows businesses to manage their own e-commerce journeys.
Within less than two years of its launch, Cart.com has already taken on legacy giants such as Amazon by providing merchants with a fully-integrated and owned suite of software, services, and infrastructure. “With this new funding, we’re poised to continue our strategy of acquiring top providers from across the e-commerce value chain while staying hyper-focused on meeting the evolving needs of the brands we serve,” said CEO Omair Tariq in a recent statement.
Over the past 12 months, Cart.com has acquired 9 companies and set up 9 fulfillment centers in total. According to a press release, the company saw its revenue rising more than 400% — a significant achievement for a startup this young. On top of this, they also hired triple the number of employees and revealed plans to grow its total headcount to 1000 by the first quarter of 2022.