Cart.com, a Houston-founded unicorn ecommerce company, has closed its latest round of funding. Photo via cart.com

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.

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CultureMap Emails are Awesome

Rice University leader balances tradition with innovation to drive growth, global impact

houston innovator podcast Episode 263

How does a historic university maintain its legacy while still making room for growth and increased opportunities? That's what Rice University President Reginald DesRoches considers with every decision he makes.

"It's this idea of preserving what's special about the university, while also knowing we need to adapt to a new time, a new Rice, a new time in higher ed, and a new time in society," DesRoches says on the Houston Innovators Podcast. "There's a healthy tension between preserving what Rice is known for — the culture of care, the close-knit community — while knowing that we need to grow, have a global impact, and position Rice on a global scale. It's something that's constantly in my mind to make sure we do both."

The school is undergoing an exciting growth period under the leadership of DesRoches, who was announced as Rice's eighth president in 2021. DesRoches says the university, which previously had a student body of 4,000 students a few years ago, has grown to 4,800 and will soon be at 5,200 — about a 30 percent growth in a short amount of time.

But the growth isn't just happening at the student level. Last year, Rice onboarded 97 faculty, which was about twice as many new hires the school would usually have in a year.

With these additions, the Rice campus is undergoing several construction projects to keep up with the growth. All of this is part of the school's strategic plan and road map, which DesRoches unveiled in October.

"The tagline is 'personalized scale for global impact,'" DesRoches shares. "We talk about our vision to be excellent in both teaching and research in the plan.

"Rice will be the world premiere teaching and research university delivering unparalleled personalized education and propelling breakthrough discoveries to transform lives and better humanity," he continues. "That's what we view as our mission and vision for the university."

DesRoches shares on the podcast how this bigger vision of leading global impact has translated to new research institutions — like the Rice Biotech Launch Pad and RBL LLC — and even global campuses in Paris and now India.

He also talks through the evolution of the Ion, which falls under the university's Office of Innovation umbrella.

New CEO brings strategic vision to Houston co. advancing neurodegenerative disease treatments

Q&A

Coya Therapeutics has named a new CEO. As of Nov. 1, Arun Swaminathan replaced Co-founder Howard Berman in the role. Berman has assumed the title of executive chairman, in which he will still remain active with the company.

Swaminathan started with Coya two years ago as chief business officer. This transition was planned, says the PhD-holding scientist and businessman.

“(Berman's) intent was that it was the right time to put in place a CEO that, as we move into the operational phases of the company, that can take the reins from him,” he tells InnovationMap.

Coya Therapeutics is a publicly traded biotechnology company that is working on two novel treatments for Alzheimer's disease. Coya's therapeutics, which are currently in trials, use regulatory T cells (T regs) to target both systemic- and neuroinflammation in patients.

InnovationMap: Berman has been a very visible CEO. Will you follow suit?

Arun Swaminathan: I think it's part of the CEO’s job to be visible and to communicate the value of our company to all the stakeholders out there. So yes, I do plan to be visible as well. Obviously, Howard as the founder had elements that he talked about, the foundational stories. I obviously will be doing less of that.

IM: What was your journey from the lab to the boardroom?

AS: I have a PhD from the University of Pittsburgh. I like to say that I grew up at Bristol Myers Squibb, so I started in a clinical pharmacology group at BMS, running clinical trials, but in the cardiovascular and metabolic space.

What happened was, as I was the study director on a diabetes trial there, and the data starts coming in for these early diabetic trials, and I got highly involved with the commercial folks at BMS in starting to plan out “What does the target profile look like? How is this going to play out in the real world?” You know, the marketing teams and commercial teams start engaging when clinical data is available, because they're starting to plan for the eventual launch of the product.

That gave me a lot of exposure to the commercial side of things, and I also got a lot of experience presenting to opinion leaders and others through that role. And I said, “What I really love is that intersection between science and business.” And so I think that was my moment.

Then I moved to business development and licensing, where I helped scan the universe for assets and talk to CEOs of companies like Coya as a junior person, trying to understand if there's something that we can bring into BMS to strengthen the pipeline of BMS. So that gave me exposure to deals, how deals are structured, how you negotiate a lot of that kind of stuff.

Then I said, “Look, if I want to be a complete person in biotech, I do need to go into more true commercial roles.” So I went into commercial strategy. I was involved in the commercial strategy for what is now known as Eliquis. Was back then known as apixaban. That’s still the generic name.

Then I led marketing for Orencia, a rheumatoid arthritis drug. So I went and got both strategic and tactical marketing experience at BMS, and then I used all of that experience, rounded up. I eventually ended up co-founding a company, and that's led me to the last nine years with smaller biotech companies. So that's my evolution and path. But I think my true moment of realization was about three years into my clinical role at BMS, when I said, what I really enjoy is translating good science into commercial value, and I think that's what excites me.

IM: Why is Houston an important part of Coya's success?

AS: It is important that Coya stays in Houston, because we have a very close association with Houston Methodist, we get a lot of our work, our early research work still done through Houston Methodist, through Dr. [Stanley] Appel's lab and through other experts. We absolutely have a special research agreement with Houston Methodist, so we have a very strong reason to be in Houston. So, we do not anticipate moving out of Houston.

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This conversation has been edited for brevity and clarity.

California femtech leader integrates Houston-founded conversational AI tool

girl gang

Willow users, meet Ema — you're new best AI-enabled friend.

Houston-founded Ema (née SocialMama), an AI resource for maternal health support, has been loaded onto the Willow Innovations Inc. app, a platform for breastfeeding mothers.

"We are thrilled to integrate our conversational AI platform into the Willow App and leverage the power of advanced technology to meet women where they are with the information they need," Amanda Ducach, founder of Ema, says in a news release. "Ema and Willow have a shared mission to make lasting improvements in women's health and we built a one-of-a-kind solution that addresses the unique challenges mothers face regularly.

"Our partnership represents a critical advancement for today's mothers and demonstrates how responsible AI can improve the maternal care experience," she continues.

Now, users on the app can utilize Ema's HIPPA-secure tool that pulls from a comprehensive, proprietary database of expert-backed information. The conversational AI chatbot responds prioritizing speed, accuracy, and empathy and compassion for users. Ema reports that their users "will feel like they are talking with their favorite postpartum (labor and delivery) nurse."

"New moms don't have enough support — for their feeding and parenting journey, or in their postpartum care. We're thrilled to partner with Ema to offer moms personalized information along this journey," adds Sarah O'Leary, CEO of Willow. "AI tools, when implemented thoughtfully, can help close gaps in delivering personalized guidance at an efficient scale and I'm excited about the impact Ema can have on the well-being of mothers in our Willow community."

Founded in 2018 as a way to connect new moms, Ema evolved with a major rebrand and pivot to AI-backed tools last year.

Willow was launched in 2014 and released the first wearable, in-bra breast pump in 2017.