Cart.com secures $30M from Trinity Capital to increase profitability

Houston-based e-commerce platform Cart.com announced it has nabbed $30 million from Trinity Capital to help the firm expand while boosting its balance sheet.

The investment is part of a larger $100 million debt refinancing that included Trinity and Silicon Valley Bank, a division of First Citizens Bank. The capital will strengthen Cart.com’s balance sheet as it continues to scale operations, according to a news release.

“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,” Cart.com founder and CEO Omair Tariq said in a statement.

Cart.com is a provider of online commerce and logistics solutions for merchants to sell and fulfill orders around the globe. The company currently has about 6,000 brands on its platform.

Officials for Phoenix-based business development company Trinity Capital (Nasdaq: TRIN) said they look forward to playing a role in Cart.com’s growth.

“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 business-to-business, business-to-consumer and direct-to-consumer merchants,” Ryan Thompson, Trinity’s managing director of tech lending, said in a statement.

In June, Cart.com announced it had raised a $60 million Series C equity funding round to bolster its valuation to $1.2 billion. Since 2020, the company has secured over $430 million in capital.

Cart.com also recently moved its corporate headquarters back to Houston after three years in Austin, Texas, citing the Bayou City’s infrastructure, talent pool and mix of customers as reasons for returning.

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