Total amount raised
$17.5 Millions
Latest funding date
10/01/2022
Location
Title
EcoCart has successfully raised significant funding over multiple rounds, attracting attention from various investors. The platform offers end-to-end sustainable shopping experiences, including green shipping protection and cashback loyalty incentives.
Keep reading to explore the intricacies of EcoCart's fundraising journey and the investors backing this innovative platform.
What Is EcoCart?
EcoCart, founded in 2019, is headquartered in San Francisco, California. The company was established by Dane Baker and Peter Twomey, who envisioned a platform that integrates sustainability into everyday shopping.
EcoCart offers a suite of features designed to make shopping more eco-friendly, including green shipping protection, live impact counters, and cashback loyalty incentives. Their mission is to help both consumers and businesses reduce their carbon footprint effortlessly.
With a growing team of dedicated employees, EcoCart continues to innovate and expand its offerings, making sustainable shopping accessible to all. For more details, visit their official website or their profile on wellfound.com.
How Much Funding Has EcoCart Raised?
- Seed Funding Round:
- Amount Raised: $3 million
- Date: April 12, 2021
- Lead Investors: Base10 Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the development and expansion of EcoCart's browser extension and business-to-business integration.
- Series A Funding Round:
- Amount Raised: $14.15 million
- Date: October 5, 2022
- Lead Investors: Fifth Wall Climate
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growing demand, especially from larger retailers, and to expand the team and product offerings.
Total Amount Raised: $17.15 million. Current Valuation: Not publicly disclosed.
Key Investors
- Fifth Wall Climate
- Details: Fifth Wall Climate is a venture capital firm focused on climate technology. They aim to bridge the gap between the real estate industry and climate tech innovations.
- Investment Focus Areas: Climate technology, sustainability, real estate tech
- Notable Investments: Proterra, Turntide Technologies, CarbonCure
- Base10 Partners
- Details: Base10 Partners is a venture capital firm that invests in automation and the future of work. They focus on companies that are leveraging technology to solve significant societal problems.
- Investment Focus Areas: Automation, future of work, technology
- Notable Investments: Figma, Notion, Handshake
- Capital One Ventures
- Details: Capital One Ventures is the venture capital arm of Capital One, investing in innovative companies that align with their strategic interests. They focus on fintech and data-driven technologies.
- Investment Focus Areas: Fintech, data, technology innovations
- Notable Investments: Snowflake, Plaid, Blend
- SVB Capital
- Details: SVB Capital is the investment arm of Silicon Valley Bank, focusing on venture capital investments. They support high-growth technology and life sciences companies.
- Investment Focus Areas: Technology, life sciences, venture capital
- Notable Investments: Stripe, Airbnb, DoorDash
- Ryder Ventures
- Details: Ryder Ventures is the corporate venture capital arm of Ryder System, Inc. They focus on logistics and transportation innovations to enhance supply chain efficiency.
- Investment Focus Areas: Logistics, transportation, supply chain innovations
- Notable Investments: Gatik, Turvo, Baton
What's Next for EcoCart?
EcoCart stands at the cusp of significant growth opportunities, particularly as it expands its customer base to include larger retailers. The global carbon footprint management industry, valued at $9.3 billion in 2021, is expected to nearly double by 2031. This presents a substantial market for EcoCart to tap into, especially with its suite of tools designed for merchants and retailers.
Future fundraising rounds seem likely as EcoCart continues to scale and attract larger clients. The company’s recent $14.5 million Series A funding, led by Fifth Wall Climate, underscores investor confidence in its potential. However, EcoCart will need to navigate challenges such as competition from other sustainability solutions and maintaining the quality of its offsetting projects.
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