US-based online retail services provider Cart.com completed a $98m series B round on Wednesday that included PayPal Ventures, the corporate venture capital arm of digital payment processor PayPal.
Growth equity fund Oak HC/FT led the round, which included Clearco, Raven One Ventures, G9 Ventures, Mercury Fund, Moonshots Capital, Valedor Partners, Arsenal Growth and private investors including Sebastian Rymarz and Phillip Krim.
Cart.com provides a suite of software and services for online merchants, ranging from e-commerce software to digital marketing and fulfilment services, payment processing and customer service.
The startup has made a string of acquisitions since it was founded in September 2020, and the series B proceeds will support additional deals as well as further development of its integrated platform.
Omair Tariq, Cart.com’s chief executive, said: “At Cart.com, we believe e-commerce brands should be free to scale up without having to juggle countless outside vendors, and without compromising their unique vision for their brand.
“Our one-stop platform supports sellers across the full range of e-commerce functionality, empowering them to efficiently scale up and reach new markets using proven, best-of-breed services and technologies.”
Mercury Fund and Arsenal Growth co-led the company’s $25m series A round in April this year, investing with Moonshots Capital and Scarlet Venture Fund following $20m in seed capital from Bearing Ventures at an undisclosed date.
