Houston-founded unicorn closes $240M round of funding led by Dallas firm
Cart.com, which moved its headquarters from Houston to Austin in December but still maintains a local presence, just landed $240 million in equity and debt funding.
Legacy Knight Capital Partners, the equity investment arm of the Legacy Knight Multifamily Office, led the equity round, with participation from Citi Ventures, Visa, and other Fortune 100 companies. J.P. Morgan and TriplePoint Capital provided the debt financing. Since being founded in 2020, Cart.com has secured $380 million in funding.
“What [CEO Omair Tariq] and the team at Cart.com have accomplished in the last 14 months is nothing short of remarkable. They have proven they have the ability to rapidly execute on their vision of building the first fully end-to-end e-commerce platform at massive scale,” David Sawyer, chief operating officer and managing partner of Legacy Knight, says in a news release.
Legacy Knight has offices in Houston and Dallas. On its website, Legacy Knight Capital Partners says it makes direct investments of $10 million to $50 million in growth-stage companies and real estate projects.
“With this new funding,” Tariq says, “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.”
Cart.com recently acquired Dallas-based FB Flurry, a provider of technology for fulfillment and customer care, and SellerActive, a Tigard, Oregon-based provider of multichannel e-commerce software.
Omair Tariq, CEO of Cart.com Omair Tariq's Cart.com raised a big round last week. Photo via Cart.com
“The Cart.com team is building a platform that can help sellers of all sizes grow faster as the future of commerce becomes increasingly digital,” says Rubail Birwadker, senior vice president of global digital partnerships at Visa.
Cart.com supplies a variety of software and services for more than 2,000 online merchants.
Last year, the startup decided to relocate its headquarters to Austin, citing the city’s rise as an alternative to Silicon Valley and as “the country’s most exciting and fertile space for high-tech innovation.”
Furthermore, Cart.com said the relocation would help the startup by being in the same business ecosystem as Austin-based companies such as Whole Foods, YETI, Kendra Scott, Tito’s Handmade Vodka, Bumble, and Tecovas.
Cart.com’s move coincided with the startup being named Startup of the Year by Capital Factory, an Austin-based startup accelerator that has offices in Houston, Dallas, and San Antonio. Capital Factory is an investor in Cart.com.
Cart.com employs more than 850 people.