Round led by TTV Capital joined by Fin VC and George Kaiser Foundation
SamCart, the first e-commerce platform designed for direct-to-consumer brands, has raised a $10 million Series-A funding round led by TTV Capital. Fin VC and George Kaiser Foundation also participated in the round. Demand for SamCart’s solution has soared during COVID-19, and the company experienced high double-digit growth in 2020, closing the year with more than 14,000 customers and more than half a billion dollars in sales processed.
“This past year has radically changed the way people interact with products and services online,” said Brian Moran, founder and CEO of SamCart. “We’re seeing an entire new group of online shoppers become more comfortable expanding the types of things they buy online, like e-learning, online acting or music classes, and more. There’s no better time than now to start selling directly to consumers with an omni-channel, product-first strategy.”
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Online shopping has changed. People are discovering products outside of the traditional online store environment, and they’re expecting a fast and seamless buying experience once they visit a brand’s site. SamCart is a new e-commerce platform that takes advantage of these major shifts in buying behavior, and helps businesses easily launch new products and rapidly increase their sales. Tens of thousands of entrepreneurs from independent creators to million-dollar online brands use SamCart to get a variety of products—physical, digital, subscription or service—in front of consumers without the need for marketing expertise or large storefront websites.
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“Direct-to-consumer commerce grew three-to-six times the rate of overall e-commerce from 2016 to 2019, which has contributed to SamCart’s success in that time,” said Sean Banks, Partner, TTV Capital. “When COVID-19 added fuel to direct-to-consumer commerce growth, SamCart’s e-commerce model was a unique match for what entrepreneurs needed to best reach customers during that time. We see a lot of potential for SamCart’s business model to continue growing at the pace it experienced in 2020 because we believe the past few years have forever trained a new wave of online shoppers who are more interested in products that suit a specific purpose over brands. We’re excited to support SamCart and help boost its efforts to reach more entrepreneurs that provide a lot of value to communities worldwide.”
“The team at SamCart have built the best tech infrastructure for direct-to-consumer businesses. Their solution allows these businesses to compete with the big corporations and we look forward to seeing how they continue to support SMBs globally,” said Peter Ackerson, General Partner at Fin VC.
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