Houston e-commerce unicorn secures $130M in funding

Houston-based Cart.com, which operates a multichannel commerce platform, has secured a $105 million debt refinancing from investment manager BlackRock.

The debt refinancing follows a recent $25 million Series C extension, bringing Cart.com’s debt to $1.5 billion. C series The startup is now valued at $1.2 billion, making it one of the few Houston-area “unicorns” worth more than $1 billion.

The term “scale-up” refers to a startup that has experienced phenomenal growth and maintained a stable workforce, among other positive milestones. Airbnb, Peloton, and Uber are good examples of companies that have transitioned from startup to scale-up.

Cart.com says BlackRock’s new term loan consolidates its venture debt into one package “on competitive terms.” Those terms were not disclosed.

The company says the refinancing will allow it to expand into new markets and improve its technology, including its Constellation OMS order management system.

“Cart.com is one of the fastest growing providers of commerce and logistics solutions today, and I am excited to partner with BlackRock as we continue to invest aggressively to help our customers operate more efficiently,” said Omair Tariq, the company’s founder and CEO, in a press release.

Through a network of 14 fulfillment centers, Cart.com supports more than 6,000 customers and 75 million orders annually.

“BlackRock is pleased to support Cart.com in its mission to unify digital and physical commerce infrastructure,” said Keon Reed, Principal at BlackRock. “This new facility underscores our confidence in the company’s differentiated product offerings and financial strategy as it enters its next stage of growth.”