Warehouse space is now scarce, and it is expected to remain so until 2023. But this Amazon rival is unconcerned.
Cart.com, an e-commerce company focusing on brand growth through omnichannel sales and fulfillment, announced on Friday that it expanded its fulfillment centers in Memphis, Tennessee, Columbus, Ohio, Salt Lake City, and North Texas, adding 1.6 million square feet of warehouse capacity. This roughly doubles the company’s overall warehouse area in the United States.
Cart.com’s fulfillment footprint now includes ten fulfillment locations in seven markets, as it continues to expand its shipping capabilities. For its almost 6,000 brand partners, the network now offers two-day delivery to 95% of the United States.
“We are committed to helping our increasing list of brand partners satisfy customer demand with best-in-class fulfillment, shipping, and the full range of Cart.com’s e-commerce products,” said Omair Tariq, Cart.com’s CEO, and co-founder. “The momentum across our platform has been encouraging, and we anticipate continuing our rapid expansion in both the United States and Europe.”
Cart.com increased its fulfillment footprint earlier this year with the acquisition of FB Flurry, a Dallas-based fulfillment and logistics company with four fulfillment centers. The acquisition increased the e-commerce company’s storage capacity to more than 2 million square feet, and it is just one of several acquisitions completed in the last year and a half.
Cart.com will buy digital consultancy DuMont Project and 3PL provider Sauceda Industries in July 2021. The company then purchased marketplace seller 180 commerce in November to help its brands sell on platforms such as Amazon and Walmart.
After acquiring FB Flurry, the corporation proceeded to make moves, acquiring e-commerce software provider SellerActive in January. Cart.com’s European expansion began in March when it added data management company DataFeedWatch.
At the same time, the company has recently teamed with companies like Snowflake, Clearco, and even Google Cloud.
Cart.com has been able to make all of these changes as a result of a series of successful capital fundraisers. It completed a $45 million Series A round in April 2021, followed by a $98 million round in August. In February, it raised an additional $240 million in a deal led by Legacy Knight Capital Partners. The company has raised approximately $380 million in total from investors.
The e-commerce platform’s February investment round comes on the heels of a solid fiscal year that looks to have piqued the interest of investors. In 2021, the company’s revenues increased by more than 400%, while its headcount increased to over 850. This attracted the attention of organizations such as Citi Ventures, Visa, J.P. Morgan, and TriplePoint Capital, who all participated in the round.
