Houston-founded e-commerce unicorn raises $60M series C to support growth, international expansion
A Houston-founded software company —officially a unicorn company, valued at $1 billion or more — has announced the details of its latest fundraise.
Cart.com, which provides a suite of software solutions for commerce and logistics enablement, closed its $60 million series C equity funding round with a $1.2 billion valuation. Investors in the round included B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight, and more.
According to a news announcement from the company, Cart.com will use the funding for international expansion, continued product development, and to meet increased client demand.
“We are proud to partner with this prestigious group of investors to accelerate our growth and continue to deliver best-in-class solutions to our customers,” says Omair Tariq, CEO and co-founder of Cart.com, in a statement. “As a leading commerce software and services provider, we are focused on enabling our customers to compete and win across every channel through digital tools and digitally driven logistics capabilities. We will continue to invest in our industry-leading commerce data capabilities, which are built to address the specific inventory, channel and supply chain challenges facing enterprises.”
The company was founded in Houston in November 2020 and relocated its headquarters to Austin in 2021. Per LinkedIn, 10 percent of its workforce, including several executives and co-founders like Tariq, is based in Houston.
Last year, Cart.com reportedly grew revenue by more than 500 percent and has almost 6,000 brands using its platform. Its users have access to tools across inventory, supply chain, marketing, data, procurement, and more.
“Cart.com is driving the evolution of commerce and unlocking business value through unified data across the entire value chain,” says Harsha Kapre of Snowflake Ventures. “With Cart.com’s data processing and data storage in Snowflake’s Data Cloud, they can provide customers with new options to keep control of their own data and take full advantage of Snowflake’s data analytics and data-sharing capabilities. We look forward to continuing our shared commitment to innovation, growth and technology that delivers a competitive advantage in the market.”
Earlier this month, Tariq was named a regional winner in the Entrepreneur Of The Year program, run by professional services firm EY. He was one of 11 Houston-based executives named in the Gulf South region and now will move on to national Entrepreneur Of The Year program. National winners will be named in November.
The company previously announced $240 million in equity and debt funding from Legacy Knight Capital Partners, the equity investment arm of the Legacy Knight Multifamily Office, last year. In 2021, Cart.com closed a series B round at just under $100 million.