US-based ecommerce platform Cart.com has raised USD 60 million in Series C funding, a pre-money valuation of USD 1.2 billion. The new funding round saw an increase of nearly 50% in Cart.com’s evaluation from the previous Series B funding in February 2022.

At the time, the ecommerce company extended its services to around 3,000 brands. As a result of this recent round, the company now stands at a valuation of USD 1.2 billion. Among those who actively engaged in this round of funding were B.

Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight, as well as other financial investors. The Series C funding features no structure or liquidity preferences. As per the press release, the new funds will be used to meet the needs of the ecommerce platform’s B2B clients and enterprises.

More precisely, representatives from the company argued that they plan on using the investment to enhance their commerce data capabilities, specifically targeting the resolution of inventory, channel, and supply chain-related challenges. Moreover, they also intend to further focus on the international expansion of the company. Cart.com’s strategy and past developments Cart.com provides software, services, and fulfilment offerings addressed to multichannel commerce brands and enterprises.

According to the official release, strategy-wise, the fintech plans on further expanding its software and artificial intelligence offerings. Reportedly, the company seeks to provide its customers with more control over ordering and inventory across the value chain. The ecommerce platform aims to do this by making use of predictive and prescriptive analytics.

Cart.com was founded in 2020 and it currently features nearly 6,000 brands on its platform. According to the data shared in the official release, in 2022, the company grew its revenue by over 500% across its fulfilment ordering and software products. Even more so, officials added that Cart.com doubled its gross merchandise value, as well as its fulfilment footprint.

Estimates from the company outline that, in 2022, its software powered more than USD 5 billion in gross merchandise value, USD 140 million in product listings, USD 10 trillion in product ads, as well as USD 11 billion in marketplace repricing events. Earlier in 2023, Cart.com garnered attention after it announced its partnership with Nuvei. The joint venture aimed to enable Cart.com’s customers to leverage Nuvei for Platform’s capabilities to enhance their payments.

Among the features made available to the ecommerce platform’s customers following the partnership were merchant onboarding, pay-ins and payouts, optimisation, payment orchestration, fraud prevention, and risk management. .