Rapidly scaling Houston e-commerce software startup raises $98M series B
After closing a sizable series A round in April, a Houston tech startup has closed another round of funding — this time a near $100 million one.
Cart.com, an end-to-end e-commerce software startup and Amazon competitor, closed its series B round at $98 million. The investment announcement follows the company's series A in the spring and, according to a news release, brings Cart.com's total funding to $140 million since it launched eight months ago.
"At Cart.com, we believe e-commerce brands should be free to scale up without having to juggle countless outside vendors, and without compromising their unique vision for their brand," says Omair Tariq, CEO of Cart.com, in the release. "Our one-stop platform supports sellers across the full range of e-commerce functionality, empowering them to efficiently scale up and reach new markets using proven, best-of-breed services and technologies."
The funding round was led by Oak HC/FT, a Connecticut-based fund focused on health care and fintech, with participation from PayPal Ventures, Clearco, Raven One Ventures, and G9 Ventures. According to the release, other strategic investors included Heyday CEO Sebastian Rymarz, Casper CEO Phillip Krim, and executives at Discover Financial, Robinhood, Blinds.com, and Uber.
"Realizing the potential of a promising e-commerce 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," says Allen Miller, principal at Oak HC/FT, in the release. "In the fragmented world of e-commerce, 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."
The new funding will go toward further developing the Cart.com platform that allows users access to a suite of e-commerce functions, such as storefront engine, payments, marketing and creative design, sales enablement, fulfillment, and customer service, per the release.
The company has over 2,000 e-commerce brands on its platform and, in just a few months, made some key acquisitions, including AmeriCommerce, Spacecraft Brands, DuMont Project, and Sauceda Industries.