5 Retail Tech Funding Rounds to Know About — Retail Tech Innovation Hub

RTIH brings together five retail systems ventures that have recently secured significant investment in their businesses, including a frozen and refrigerated parcel logistics platform, an AI recommendation and search service for marketplaces, e-commerce and content companies, and a company specialising in smart supermarkets.

1. Cold Cart

Coldcart, a frozen and refrigerated parcel logistics platform, has completed an oversubscribed seed round of funding of $6.5 million.

The round was led by Collide Capital and includes an earlier convertible note investment led by Material. Great North Ventures, Behind Genius Ventures, Feld Ventures, Alumni Ventures and Service Provider Capital also participated.

Coldcart plans to use the new funding to expand its existing base of fresh produce delivery and logistics providers.

The company was founded by CEO Jason Park, who previously launched Allstate Identity Protection and grew it from zero to $100 million in ARR, and Matt Salzberg, founder and former CEO of Blue Apron.

Early backers include founders, C-level and senior executives from Marley Spoon, Home Chef, Y Combinator and Bain & Company.

Delivering fresh produce is an incredibly complex problem that requires a team with specialized experience, said Aaron Samuels, a managing partner at Collide Capital who will join Coldcart's board of directors.

The startup team also includes some early ShipBob employees and former pharmaceutical executives.

2. Cart.com

Cart.com, a provider of integrated commerce and logistics solutions, has secured a $105 million long-term loan facility provided by funds and accounts managed by BlackRock. The company said this latest facility consolidates venture debt on particularly competitive terms.

“Cart.com is one of the fastest growing commerce and logistics solutions providers today. We continue to invest aggressively to help our clients operate more efficiently and are pleased to partner with BlackRock,” said Omair Tariq, founder and CEO.

“This state-of-the-art facility will enable us to further expand into new markets while strengthening our innovative technology solutions, particularly our Constellation OMS product. It also validates our team's commitment to improving operational excellence and profitability as we continue to partner with an increasingly large number of customers across multiple industries.”

Cart.com offers technology-enabled logistics capabilities, enterprise-grade channel and order management software, and a suite of professional services.

The company supports more than 6,000 customers and 75 million orders annually and operates 14 omnichannel fulfillment centers across the United States.

The aforementioned funding follows the closing of a $25 million Series C extension round, bringing the company's total Series C funding to $85 million and its valuation to $1.2 billion.

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