Cart.com touts $1.6B valuation following $50M fundraise
Cart.com is now valued at $1.6 billion after raising an additional $50 million in funding, the company tells Axios.
Why it matters: Cart acquired OceanX in December and plans to close another one or two deals by the end of 2025, CEO Omair Tariq says.
What they're saying:"We'll continue to be very acquisitive," Tariq says. "This capital just makes a lot of that stuff easier."
The e-commerce logistics startup is already eyeing acquisition targets, but Tariq declined to specify whether they would be large deals or tuck-ins.
"I would imagine our competitors are looking at similar deals," he says.
Follow the money: BlackRock and Neuberger Berman led the financing, alongside new investors, such as eGateway Capital. The company has raised $475 million to-date
Cart is on track to cross $500 million in revenue this year, Tariq says.
Catch up quick: Cart was valued at $1.2 billion ahead of its $130 million Series C raise extension last July.
Last April, Cart acquired Amify, an Amazon marketplace optimization and advertising solution, and in the past year it has onboarded customers like Authentic Brands Group and Bluestar Alliance.
State of play: Many e-commerce shippers have been walloped by the closure of the de minimis loophole, which allowed small shipments into the U.S. duty-free.
"A lot of the weaker players are being taken out, which is optimizing the competitive landscape for us to come in and swoop in and take over and help those customers," Tariq says.
By the numbers: Cart's logistics network spans 18 omnichannel facilities, growing from 13 in the past year.
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