The provider of everything from fulfillment to e-commerce platforms, Cart.com Inc. raised $240 million in equity and debt funding last month for its various e-commerce tools. The Austin, Texas-based company claims to have increased revenue by 400% over the past year. It reached $380 million in total funding with this new round. The provider has more than 3,000 brands using its services, including Guess Inc. (#174), Dollar General Corp. (#698) and GNC Holdings Inc. (#310) in the 2021 Digital Commerce 360 Top 1000 Retailers.
Cart.com also recently acquired fulfillment and customer service provider FB Flurry, which will allow Cart.com to provide two-day delivery to most customers in the continental United States. CEO Omair Tariq said Cart.com’s expansion into logistics was necessary to achieve the company’s goals. aim to make it easier and cheaper for companies to create a brand that can be sold everywhere.
“Wherever a consumer shops, you should be selling your product, and Cart.com is on a mission to enable that in the most convenient way ever,” Tariq said.
In addition to FB Flurry, Cart.com has acquired eight companies since its inception in September 2020, and its offerings now include marketing services, data analytics, and e-commerce platform products. Cart.com then seeks to improve its existing services and expand into European markets.
The latest funding round was led by Dallas-based Legacy Knight Capital Partners, an arm of family investment firm Legacy Knight: Multi-Family Office. David Sawyer, chief operating officer and managing partner of Legacy Knight, said Cart.com first caught his eye as a fast-growing company in Texas. Sawyer said he was very impressed with the vendor’s ability to quickly acquire and integrate businesses, which will naturally fuel greater growth in the United States and internationally.
“The broader macro tailwind here that was largely caused by COVID-19 from more e-commerce businesses, more online sales versus brick and mortar – Cart.com can take that to heart. global scale. There’s nothing stopping them,” Sawyer said. “I think obviously, at the right time for the business, this can be a huge area of growth for them, and we’re excited to support and help with that.”
Bloomreach’s Unicorn Funding
Site search provider Bloomreach raised $175 million in February, led by Goldman Sachs Asset Management, giving the e-commerce software company a $2.2 billion valuation.
Co-founder and CEO Raj De Datta said the market opportunity for e-commerce is big enough to see significant growth, even though the industry faces a “complicated landscape”. Capital from the funding round will be used, in part, for international expansion, particularly in Europe, De Datta said in an interview with Bloomberg.
The company will also add more customization to its products, he said. Without committing to a timeline, De Datta said the provider had reached a scale where it could go public.
“We could go public as early as next year if we wanted to,” he said.
Bloomreach provides site search technology for 12 of the top 1000 retailers, including Forever 21 (#131), Neiman Marcus (#73) and David’s Bridal Inc. (#548).
The payment industry is consolidating in Southeast Asia
M-DAQ, a fintech startup backed by Jack Ma’s Ant Group Co., has agreed to buy e-wallet operator Wallex to expand its reach in Southeast Asia and pave the way for an eventual public listing.
The deal marks the first in a series of potential acquisitions in the Southeast Asian payments space by the Singapore-based fintech company, said Jeremy Sng, a former head of investment banking in South East Asia. Southeast at CLSA, who joined M-DAQ as managing director in December. . M-DAQ will inject more than S$7 million ($5.2 million) in working capital into Wallex, Sng said, declining to disclose the full value of the deal.
The acquisition will allow M-DAQ to tap into thousands of Wallex customers – mostly small businesses and vendors on e-commerce platforms – and diversify its revenue streams. The company currently derives about two-thirds of its revenue from Ant, according to Sng.
Bambuser lands two new clients for one-on-one video
Live e-commerce video provider Bambuser has announced two new deals with two European retailers. Sephora owner LVMH extends its deal with Bambuser. It adds one-on-one video chats between buyers and stylists to its offerings across many of its brands. LVMH is No. 3 on the Digital Commerce 360 Europe 500. The new deal comes six months after the two companies teamed up to offer streaming video options purchasable on LVMH-branded sites.
Luxury clothing retailer Browns also works with Bambuser for one-to-one video shopping, allowing Browns employees to chat with shoppers online and provide interactive elements to styling sessions. Browns is owned by Farfetch UK Ltd., #28 in the Digital Commerce 360 Top 100 Online Marketplaces ranking.
Bringg acquires Zenkraft
And finally, Fulfillment platform provider Bringg completed its acquisition of package delivery and returns platform Zenkraft last month. Zenkraft’s existing Salesforce integrations will help Bringg acquire and serve Salesforce customers, while Zenkraft customers will have access to broader delivery options through Bringg’s network. The terms of the contract are not disclosed.