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FT Partners Advises Cart.com on its $85,000,000 Series C Financing

Overview of Transaction

  • On July 17, 2024, Cart.com announced that it closed a $25 million Series C extension round which brings the Company’s Series C total to $85 million
  • Aditum, Alpha Square, B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight participated as well as other corporate and financial investors
  • $1.2 billion valuation reflects an increase of nearly 50% since Cart.com’s Series B in February 2022
  • In conjunction with its Series C extension, the Company secured a $105 million term loan provided by funds and accounts managed by BlackRock
  • Founded in November 2020, Cart.com stands as one of the fastest-growing providers of commerce and logistics solutions, with over 6,000 customers and supports $8 billion+ in annual GMV

Significance of Transaction

  • Cart.com further strengthens its balance sheet through combined raise and latest loan facility consolidates its venture debt at competitive terms as the Company continues its rapid growth trajectory
  • The Company aims to use the BlackRock term loan facility to further expand into new markets while enhancing its innovative technology solutions, particularly the Constellation OMS offering
  • New facility underscores confidence in the Company’s differentiated product offerings and financial profile

FT Partners' Role

  • FT Partners served as the exclusive 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