Cart.com, a Houston-based e-commerce platform, will likely lose its eligibility as a Prime Unicorn Index component after a secondary transaction caused the company to slip below a $1 billion valuation.
Cart.com provides a comprehensive suite of services for online retailers, enabling them to manage and grow their businesses effectively. Their offering includes tools for website creation, shopping cart management, payment processing, marketing, analytics, logistics, and fulfillment services.
The company most recently made headlines for acquiring Amify, Inc. on April 2, which calls itself an “Amazon-as-a-service” provider.
Cart.com entered the Prime Unicorn Index following a $68.56 million Series C round in March 2023, which valued the company at $1.2 billion on a post-money valuation basis. Investors include PayPal Ventures, MicroVentures, Visa, Citi Ventures, Arsenal Growth, Oak HC/FT, CapitalX, and others.
Since its last fundraising, Cart.com has seen its share price slide in the secondary markets, causing the company to lose its unicorn status. According to Caplight data, two trades have closed at $31.67, down 36.9% from its Series C price of $43.35. This values the company at $902 million (adjusted to include a stock issuance tied to the Amify, Inc. acquisition), meaning the company will be removed from the Index in Q2 2024.
See how Cart.com has performed below.
