Houston e-commerce unicorn reaches $1.6B valuation with $50M fundraising round

fresh funding

Cart.com has closed its latest fundraising round. Photo courtesy of Cart.com

Houston-based Cart.com, a provider of fulfillment and logistics services for B2C and B2B brands, has raised $50 million in venture capital, pushing its valuation to $1.6 billion. Since it was founded in 2020, Cart.com has raised $475 million.

Cart.com earned “unicorn” status in 2023 after securing a $60 million Series C round of funding. In the startup universe, “unicorn” refers to a private company that’s valued at $1 billion or more. Last year, Cart.com nailed down $130 million in debt funding, lifting its valuation to $1.2 billion.

Technically, Cart.com no longer qualifies as a startup. Rather, it’s now in “scaleup” territory. This term refers to a startup that has notched substantial growth and has maintained a stable workforce, among other positive achievements. Notable brands that have graduated from startup to scaleup include Airbnb, Peloton and Uber.

The $50 million round includes money from funds and accounts managed by BlackRock and Neuberger Berman, and new investors such as eGateway Capital, along with several unidentified venture capital firms, investors and family offices.

The company said it will use the fresh capital to fuel its global expansion through investments in infrastructure, technology, and M&A.

“Cart.com is continuing our strong growth trajectory across all operating metrics, and we intend to utilize this additional capital to accelerate the expansion of our platform and bring our customers new capabilities to enable their growth,” Omair Tariq, founder and CEO of Cart.com, said in a news release. Tariq added that his company is “well on our way to building the largest and most comprehensive platform in our space.”

Over the past 12 months, Cart.com completed its acquisition of OceanX, the fulfillment operation of direct marketing company Guthy-Renker, and Amify, an Amazon marketplace optimization and advertising platform. Bill Guthy, founder of Guthy-Renker, now sits on Cart.com’s board of directors

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Cart.com announced a $25 million series C extension round and $105 million in debt refinancing from investment manager BlackRock. Photo courtesy of Cart.com

Houston e-commerce unicorn secures $130M in financing

scaling up

Houston-based Cart.com, which operates a multichannel commerce platform, has secured $105 million in debt refinancing from investment manager BlackRock.

The debt refinancing follows a recent $25 million series C extension round, bringing Cart.com’s series C total to $85 million. The scaleup’s valuation now stands at $1.2 billion, making it one of the few $1 billion-plus “unicorns” in the Houston area.

“Scaleup” refers to a startup that has achieved tremendous growth and has maintained a stable workforce, among other positive milestones. Airbnb, Peloton, and Uber are prime examples of businesses that evolved from startup to scaleup.

Cart.com says the new term loan facility from BlackRock consolidates its venture debt into one package “at competitive terms.” Those terms weren’t disclosed.

The company says the refinancing will enable it to expand into new markets and improve its technology, including its Constellation OMS order management system.

“Cart.com is one of the fastest-growing providers of commerce and logistics solutions today, and I’m excited to partner with BlackRock as we continue to aggressively invest to help our customers operate more efficiently,” Omair Tariq, the company’s founder and CEO, says in a news release.

Through a network of 14 fulfillment centers, Cart.com supports over 6,000 customers and 75 million orders per year.

"BlackRock is pleased to support Cart.com as it advances its mission to unify digital and physical commerce infrastructure," says Keon Reed, a director at BlackRock. “This latest facility underscores our confidence in the company’s differentiated product offerings and financial strategy as it enters its next stage of growth.”

The group raised approximately $120 million of capital to create the Texas Stock Exchange. Photo via Getty Images

Financiers plan to launch a Texas-based stock exchange

yeehaw

A group of financial firms and investors is planning to launch a Texas-based private market stock exchange and offer traders an alternative to the New York Stock Exchange and Nasdaq.

The group, which includes BlackRock, Citadel Securities and about two dozen investors, raised approximately $120 million of capital to create the Texas Stock Exchange, which would be headquartered in Dallas. They are now seeking registration with the U.S. Securities and Exchange Commission to operate as a national securities exchange later this year.

“Texas and the other states in the southeast quadrant have become economic powerhouses. Combined with the demand we are seeing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to build a major, national stock exchange in Texas,” said James Lee, founder and CEO of TXSE Group.

Stock exchanges are private institutions where stocks, bonds and other securities are traded. If the SEC clears TXSE to begin operations, it will be the first stock exchange to launch in the country in recent years.

According to the Wall Street Journal, which first reported on the creation of the new exchange, TXSE promises to be more CEO-friendly than other exchanges and wants to capitalize on discontent over new rules and rising compliance costs at Nasdaq and NYSE.

“If we look at the three states with the largest economy, New York has two stock exchanges. Texas, comparably to California, is growing economically and demographically really fast, and already has a big number of Fortune 500 biggest companies headquarters, so it makes sense Dallas would be an ideal place,” said Steven Pedigo, a professor at the University of Texas at Austin’s LBJ School of Public Affairs and an expert in economic and urban development.

But it could be difficult for a new exchange to take off in the U.S. listings market, where the Nasdaq and NYSE have dominated for decades. The U.S. exchange business consists of about 16 equities exchanges with NYSE accounting for more than 20% of the volume in equities trading in May and Nasdaq over 15%, according to Bloomberg. Nasdaq acquired the Philadelphia Stock Exchange and Boston Stock Exchange, two of the oldest exchanges in the country, in 2007. The NYSE bought the Chicago Stock Exchange in 2018.

“What makes this project interesting is the big companies that supported and financed the new stock exchange, that is why it could be a serious competitor. But it is a ‘to be continued’ story,” Pedigo said.

TXSE founders said they chose Texas as the home for the new national securities exchange because of the state’s rapid economic and population growth. Texas has been a leader in attracting business relocations and expansions in recent years. More than 7,200 firms relocated to Texas between 2010 and 2019, creating nearly 103,000 jobs, according to data from the Federal Reserve Bank of Dallas. Businesses that relocated to Texas mostly went to the state’s major metropolitan areas, with Dallas and Houston being the favored destinations.

Major corporations like Tesla and Toyota have chosen the state as their new home base in recent years. Big financial companies like Goldman Sachs have also made big investments lately in Dallas.

Pedigo said this new stock exchange wouldn’t necessarily lead to more jobs being created in the state but would help further bolster the pro-business image Texas has been working on for years.

___

This story was originally published by The Texas Tribune and distributed through a partnership with The Associated Press.

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3 Houston innovators who made headlines in May 2025

Innovators to Know

Editor's note: Houston innovators are making waves this month with revolutionary VC funding, big steps towards humanoid robotics, and software that is impacting the agriculture sector. Here are three Houston innovators to know right now.

Zach Ellis, founder and partner of South Loop Ventures

Zach Ellis. Photo via LinkedIn

Zach Ellis Jr., founder and general partner of South Loop Ventures, says the firm wants to address the "billion-dollar blind spot" of inequitable distribution of venture capital to underrepresented founders of color. The Houston-based firm recently closed its debut fund for more than $21 million. Learn more.

Ty Audronis, CEO and founder of Tempest Droneworx

Ty Audronis, CEO and founder of Tempest Droneworx

Ty Audronis, center. Photo via LinkedIn.

Ty Audronis and his company, Tempest Droneworx, made a splash at SXSW Interactive 2025, winning the Best Speed Pitch award at the annual festival. The company is known for it flagship product, Harbinger, a software solution that agnostically gathers data at virtually any scale and presents that data in easy-to-understand visualizations using a video game engine. Audronis says his company won based on its merits and the impact it’s making and will make on the world, beginning with agriculture. Learn more.

Nicolaus Radford, CEO of Persona AI

Nicolaus Radford, founder and CEO of Nauticus RoboticsNicolaus Radford. Image via LinkedIn

Houston-based Persona AI and CEO Nicolaus Radford continue to make steps toward deploying a rugged humanoid robot, and with that comes the expansion of its operations at Houston's Ion. Radford and company will establish a state-of-the-art development center in the prominent corner suite on the first floor of the building, with the expansion slated to begin in June. “We chose the Ion because it’s more than just a building — it’s a thriving innovation ecosystem,” Radford says. Learn more.

Pharmaceutical giant plans $5.9B Houston facility and more news to know

Trending News

Editor's note: It's time to look back at the top Houston innovation news from the second half of May 2025. From exciting VC raises to major manufacturing facilities in the works, here are the most-read InnovationMap stories from May 16-30.

1. Pharmaceutical giant looks to bring $5.9 billion facility to Houston

Eli Lilly is looking to build an active pharmaceutical ingredient manufacturing facility at Generation Park. Rendering courtesy of McCord

Pharmaceutical company Eli Lilly and Company is looking to build a $5.9 billion active pharmaceutical ingredient (API) manufacturing facility in Houston, according to a recent filing with the state of Texas.

The proposal states that the project plans to employ 604 full-time direct employees at the site upon ramp-up completion. Construction is projected to begin in 2026, with a completion target of 2030 and commercial operations beginning in 2031. Continue reading.

2. Houston VC firm closes $21M fund for underrepresented founders

Zach Ellis, founder and general partner of South Loop Ventures, which recently closed its debut fund. Photo via LinkedIn

Houston-based South Loop Ventures recently closed its debut fund for more than $21 million, led by investments from Rice Management Company and Chevron Technology Ventures.

The funds will go toward teams with at least one underrepresented founder of color working in the energy, health, space, sports and fintech sectors. Additional investments came from The Great Commission Foundation of the Episcopal Diocese of Texas, Texas CapitalBank and others organizations. Continue reading.

3. Houston-founded startup raises $1.2M and moves headquarters to Detroit

ChurchSpace, founded in Houston by Day Edwards and Emmanuel Brown, is moving to Detroit. Photo courtesy ChurchSpace.

Houston-founded ChurchSpace, known as the Airbnb for churches, has formed an official partnership with the City of Detroit and will relocate its headquarters.

The announcements come as the company successfully closed a $1.2 million oversubscribed funding round. The round was led by California-based Black Ops Ventures, with participation from Michigan Rise and Dug Song of Minor Capital, who is also the founder of the Song Foundation, another Michigan-based organization. Continue reading.

4. Houston aerospace co. soars with first U.S. test flight of hypersonic engine

Venus Aerospace successfully completed the flight test of its hypersonic engine, the first of an American-developed engine of its kind. Photo courtesy Venus Aerospace

Houston-based Venus Aerospace successfully completed the first U.S. flight test of its proprietary engine at a demonstration at Spaceport America in New Mexico.

Venus’ next-generation rotating detonation rocket engine (RDRE) is supported by a $155,908 federal Small Business Innovation Research (SBIR) grant from NASA and aims to enable vehicles to travel four to six times the speed of sound from a conventional runway. The recent flight test was the first of an American-developed engine of its kind. Continue reading.

5. Houston regenerative medicine company expands lab for future trials

FibroBiologics has opened a new 10,000-square-foot Houston lab to scale up research efforts and pave the way for in-house manufacturing. Photo via Fibrobiologics.com

A Houston regenerative medicine company has unveiled new laboratory space with the goal of expanding its pioneering science.

FibroBiologics uses fibroblasts, the body’s most common type of cell, rather than stem cells, to help grow new cells. With its new space, the publicly traded company, which has more than 240 patents issued or pending, will be even better equipped to power forward with its research. Continue reading.

Houston university to launch artificial intelligence major, one of first in nation

BS in AI

Rice University announced this month that it plans to introduce a Bachelor of Science in AI in the fall 2025 semester.

The new degree program will be part of the university's department of computer science in the George R. Brown School of Engineering and Computing and is one of only a few like it in the country. It aims to focus on "responsible and interdisciplinary approaches to AI," according to a news release from the university.

“We are in a moment of rapid transformation driven by AI, and Rice is committed to preparing students not just to participate in that future but to shape it responsibly,” Amy Dittmar, the Howard R. Hughes Provost and executive vice president for academic affairs, said in the release. “This new major builds on our strengths in computing and education and is a vital part of our broader vision to lead in ethical AI and deliver real-world solutions across health, sustainability and resilient communities.”

John Greiner, an assistant teaching professor of computer science in Rice's online Master of Computer Science program, will serve as the new program's director. Vicente Ordóñez-Román, an associate professor of computer science, was also instrumental in developing and approving the new major.

Until now, Rice students could study AI through elective courses and an advanced degree. The new bachelor's degree program opens up deeper learning opportunities to undergrads by blending traditional engineering and math requirements with other courses on ethics and philosophy as they relate to AI.

“With the major, we’re really setting out a curriculum that makes sense as a whole,” Greiner said in the release. “We are not simply taking a collection of courses that have been created already and putting a new wrapper around them. We’re actually creating a brand new curriculum. Most of the required courses are brand new courses designed for this major.”

Students in the program will also benefit from resources through Rice’s growing AI ecosystem, like the Ken Kennedy Institute, which focuses on AI solutions and ethical AI. The university also opened its new AI-focused "innovation factory," Rice Nexus, earlier this year.

“We have been building expertise in artificial intelligence,” Ordóñez-Román added in the release. “There are people working here on natural language processing, information retrieval systems for machine learning, more theoretical machine learning, quantum machine learning. We have a lot of expertise in these areas, and I think we’re trying to leverage that strength we’re building.”

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