Trinity Capital committed $30 million in growth capital to Cart.com, a provider of unified commerce and logistics solutions that enable merchants to sell and fulfill anywhere.
This investment is part of a larger $100 million debt refinancing that included Trinity Capital and Silicon Valley Bank, a division of First Citizens Bank. The capital will further strengthen Cart.com’s balance sheet while allowing the company to remain strategically positioned as it continues to scale operations.
Cart.com provides physical and digital infrastructure to unify operations across channels and empowers more than 6,000 multichannel merchants to sell and fulfill anywhere its customers are. The company offers a suite of digitally driven logistics capabilities, enterprise-grade channels and order management software, and expert services to simplify commerce for middle-market and enterprise companies. Cart.com supports more than $8 billion in gross merchandise value and operates 14 omnichannel facilities in the U.S. totaling more than 8 million square feet of space.
“We’re excited to add to our portfolio an innovative company that’s proving itself to be an indispensable commerce and logistics partner to a wide range of B2B, B2C and direct-to-consumer merchants,” Ryan Thompson, managing director of technology lending at Trinity Capital, said. “We look forward to playing an important role in supporting Cart.com’s growth.”
In June, Cart.com announced it had raised a $60 million Series C equity funding round at a valuation of $1.2 billion. The round included participation from B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight and other corporate and financial investors.
“With Trinity’s financing, Cart.com will double down on investments that support the growing demand for innovative logistics and commerce infrastructure solutions that help our customers unlock more efficient growth,” Omair Tariq, founder and CEO of Cart.com, said. “In 2023, Cart.com successfully reached unicorn status while growing revenue 50% and achieving profitability. We’re excited to partner with Trinity, a proven and trusted provider of capital to growth-stage companies, to fuel our next chapter of profitable growth in the years to come.”
