Carro Raises $20M to Help Brands 'Sell More, Together'
LOS ANGELES, November 18, 2021 (Newswire.com) - Carro, the leader in cross-store selling and influencer commerce, announced today the close of its $20 million Series B funding round. The round was led by Alpha Edison, with participation from PayPal Ventures, GC1 Ventures, Corazon Capital, and a number of individuals who use the Carro platform, including high-profile influencers and retail executives. The new funding will be used to grow Carro's team, connect additional ecommerce platforms to its network, and expand its offerings to hundreds of thousands of brands, creators, and influencers.
Carro's Brand Partnership platform makes it easy for premium stores to sell each other's products without having to purchase any inventory, handle logistics or deal with returns. When a sale occurs, the order is sent directly to the brand that manufactures that product for fulfillment. They ship it as if it were a regular order from within their store. Both brands benefit from added exposure, new customers, and new revenue. Carro also helps brands discover which influencers already love their products from within their social networks and email ecosystems, helping them to build authentic selling relationships.
"Top brands know that a sale rarely happens alone. When a customer purchases a bike, for example, they will most likely need a helmet, gloves, and other accessories at the same time," said David Perry, CEO of Carro. "Our premium network, data, and expert staff help our brands to not only know what their customers are looking to buy next but also enables them to capture the complete sale in a single checkout. It's a win-win situation for both consumers and our brand partners that we believe is the future of ecommerce."
Carro's brand and influencer network has grown by over 500% in the last year and now serves over 30,000 partners, including Blendjet, Arizona Iced Tea, Chubbies Shorts, Hint, NOBULL, Oatly, ZigZag, Fear of God, Rhone, BruMate, MUDWTR, Truff, Barstool Sports, Harney & Sons, Rachel Zoe, Curateur, Sommer Ray, Olive & Rain, Teddy & Bear, and many more.
"The Carro platform presents a compelling new way for brands to grow, by building direct relationships with customers without spending all of their profits on online advertising," said Nate Redmond, Managing Partner at Alpha Edison. "We've been impressed with the pace at which the Carro team innovates and utilizes deep customer insights to deliver optimal results for customers."
The Carro Brand Partnership along with the flagship Carro Influencer Partnership service can be installed from the Shopify App store.
About Carro
Carro is an ecommerce application used by over 30,000 top-tier brands, retailers, creators, and influencers to sell more by working together. Its main service connects ecommerce stores together to facilitate cross-store selling, capturing new customers and revenue for customers through collaborative commerce. Carro is backed by Alpha Edison, PayPal Ventures, GC1 Ventures, Corazon Capital, several celebrity customers and other investors. The Carro team is composed of leaders from Google, Facebook, Amazon, HubSpot, Apple, Experian, VISA and Sony. Visit www.getcarro.com for more information.
Media Contact: carro@scoutlab.com
Source: Carro
