Warehouse space is tough to come by at the moment, and it will likely stay that way through 2023. But this Amazon competitor remains unfazed.
Cart.com, an e-commerce firm focused on growing brands through omnichannel sales and fulfillment, on Friday announced that it added 1.6 million square feet of warehouse capacity by expanding its fulfillment centers in Memphis, Tennessee; Columbus, Ohio; Salt Lake City; and North Texas. That nearly doubles the firm’s total warehouse space in the U.S.
The expansion brings Cart.com’s fulfillment footprint to 10 fulfillment centers in seven markets as it continues to add to its shipping capabilities. Now the network enables two-day delivery to 95% of the U.S. for its nearly 6,000 brand partners.
“We are committed to enabling our growing list of brand partners to meet consumer demand with best-in-class fulfillment, delivery and the full range of Cart.com’s e-commerce offerings,” said Omair Tariq, CEO and co-founder of Cart.com. “The momentum across our platform has been rewarding and we expect to continue our expansion rapidly in both the U.S. and Europe.”
Earlier this year, Cart.com tripled its fulfillment footprint through the acquisition of FB Flurry, a Dallas-based fulfillment and logistics company with four fulfillment centers. The move expanded the e-commerce firm’s warehouse capacity to over 2 million square feet, and it’s just one of a flurry of acquisitions made over the past year and change.
In July 2021, Cart.com acquired digital consultancy DuMont Project and 3PL provider Sauceda Industries. Then, in November, it purchased marketplace seller 180 commerce to help its brands sell on platforms like Amazon and Walmart.
The company continued to make moves after acquiring FB Flurry, acquiring e-commerce software firm SellerActive in January. In March, it added data management provider DataFeedWatch, which kick-started Cart.com’s expansion into Europe.
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Cart.com has been able to make all of these moves due to a series of successful funding raises. It completed a $45 million Series A raise in April 2021, following that up with a $98 million raise in August. It then added another $240 million in February in a round led by Legacy Knight Capital Partners. In total, the company has raised about $380 million from investors.
The e-commerce platform’s February funding raise followed a strong fiscal year that appears to have excited investors. In 2021, the firm saw its revenues climb more than 400%, and it grew its headcount to over 850. That helped draw the attention of companies like Citi Ventures, Visa, J.P. Morgan and TriplePoint Capital, all of which participated in the round.