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FT Partners Advises Cart.com on its $60,000,000 Series C Financing

Overview of Transaction

  • On June 27, 2023, Cart.com announced that it raised $60 million in Series C financing from B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight as well as other strategic corporate and financial investors
  • Founded in November 2020, Cart.com is among the fastest-growing commerce and logistics enablement leaders, with nearly 6,000 brands on its platform
  • In 2022, the Company grew revenue by more than 500% across its software, services and fulfillment offerings and doubled its gross merchandise value and fulfillment footprint
  • The $60 million Series C funding is an all-equity round and values Cart.com at $1.2 billion, an increase in valuation of nearly 50% since its Series B funding in February 2022

Significance of Transaction

  • The Company will use the new investment to meet increased demand from enterprise and B2B clients, accelerate its international expansion and expand product development across its software portfolio
  • Cart.com will also continue to invest in the expansion of its software and AI capabilities to enable even greater order and inventory control across the commerce value chain, powered by predictive and prescriptive analytics

FT Partners' Role

  • FT Partners served as the strategic and financial advisor to Cart.com
  • This transaction highlights FT Partners’ deep domain expertise in the commerce enablement space, as well as its successful track record generating highly favorable outcomes for its clients