PHOENIX, Dec. 21,
2023 /PRNewswire/ -- Trinity Capital Inc. (NASDAQ:
TRIN) ("Trinity"), a leading provider of diversified financial
solutions to growth-stage companies, today announced the commitment
of $30 million in growth capital to
Cart.com, a provider of unified commerce and logistics solutions
that enable merchants to sell and fulfill anywhere.
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 their customers
are. The company offers a complete 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 over
$8 billion in gross merchandise value
and operates 14 omnichannel facilities nationwide, totaling over 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," said Ryan Thompson,
Managing Director, Tech Lending at Trinity. "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 strategic corporate and financial
investors.
This 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
further strengthen Cart.com's balance sheet while allowing the
company to remain strategically positioned as it continues to scale
operations.
"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," said Cart.com Founder and
CEO Omair Tariq. "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."
About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN), an internally managed
business development company, is a leading provider of diversified
financial solutions to growth-stage companies with institutional
equity investors. Trinity Capital's investment objective
is to generate current income and, to a lesser extent, capital
appreciation through investments, including term loans and
equipment financings and equity-related investments. Trinity
Capital believes it is one of only a select group of specialty
lenders that has the depth of knowledge, experience and track
record in lending to growth-stage companies. For more information,
please visit the Company's website at www.trinitycap.com.
About Cart.com
Cart.com is the leading provider of
unified commerce and logistics solutions that enable B2C and B2B
companies to sell and fulfill anywhere their customers are. The
company's enterprise-grade software, services and logistics
infrastructure, including its own network of fulfillment and
distribution centers, are used by some of the world's most beloved
brands and most complex companies to unify commerce operations
across channels and drive more efficient growth.
For more information, please visit Cart.com and LinkedIn.
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SOURCE Trinity Capital Inc.