“The current e-commerce offerings favor the service providers, not the brands,” said Omair Tariq, CEO of Cart.com. “We are on a mission to flip that dynamic and put the sellers back in charge of their e-commerce journey and their customer relationships. Our team will continue to obsess over our brands’ success, so they can obsess over their customers.”
Support for the ecommerce startup company was led by investors Mercury Fund and Arsenal Growth. Moonshots Capital and Scarlet Venture Fund also participated in the latest fundraising for Cart.com. The newest batch of capital for the startup business comes in the wake of a successful $20 million seed round led by Bearing Ventures.
Over the last five months, Cart.com has generated $45 million from investors eager to back the ecommerce company. The new funding will be used to accelerate growth and make key hires at the business.
Co-founded by Tariq and Jim Jacobsen in 2020, Cart.com helps owners in the ecommerce business grow their brands through an end-to-end platform. Prior to founding the startup company, Tariq served as COO at Home Depot’s Blinds.com. Jacobsen is the co-founder and former CEO of RTIC Outdoors. Using their previous years of experience in the ecommerce industry, the two joined together to build Cart.com and grow budding brands.
The startup business provides users with several ecommerce solutions, covering everything from marketing services to digital storefront software and fulfillment infrastructure. Storefront software offers users numerous integrated features like rewards programs, subscription automations, and marketplaces.
In addition, the startup company offers built-in payment processing for over 80 payment methods, including financing plans and split payments. Fulfillment services from Cart.com allow small business owners to compete with shipping standards set by competitors like Amazon.
Tapping Into the Massive Industry
Market research estimates that the global ecommerce market, valued at $9.09 trillion in 2019, will grow at a CAGR of 14.7% from 2020 to 2027. The startup company aims to support growing businesses in the industry by providing end-to-end ecommerce services and allowing customers to compete with top players like Amazon.
“Competition in the e-commerce market is reaching a precipice, and only those companies with the pedigree, vision, technology and the been-there-done-that perspective will be able to truly shift the surge away from market monopolies and provide power back to the brands themselves to the benefit of the businesses and their customers,” said Blair Garrou, co-founder and managing director of Mercury Fund. “Our financial commitment illustrates our confidence in the mission and strategy of Cart.com.”
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.