Local startup SamCart, an ecommerce company focused on the creator economy, looks to expand with the $82 million in VC dollars it just nabbed.
The startup raised the funds in a Series B round that was led by Elridge. Investors TTV Capital, Fin VC, the George Kaiser Foundation and eGateway Capital also participated in the round. The company, which was founded in 2014, is a subscription-based platform for digital creators that offers a number of specialized tools in one spot. SamCart said it assists in creating sites and sales pages for digital products, boosting revenue and online payments and growing customer relationships.
SamCart CEO and founder Brian Moran said that the new funds will allow the company to grow even further.
“This raise allows us to accelerate our plans for 2022,” Moran told Technical.ly. “We’re on a mission to give creators every resource they need to build and monetize their audience online.”
SamCart will use the new funds to hire and further develop the platform’s features. The DC and Austin, Texas-based company will be moving to a remote-first model with plenty of openings for DC technologists. According to Moran, the currently 95-person company plans to grow to 200 by the end of the year.
The investment will also go toward expanding SamCart’s digital products, adding new options for audience monetization and automating critical tasks. This will help creators diversify and increase revenue, as well as boost commerce infrastructure.
SamCart’s growth strategy, Moran said, follows an increasing demand in the creator market, which is worth an estimated $104 billion.
“This raise validates that the creator economy is real and here to stay,” Moran said. “The 30,000 customers on our platform are real businesses owners — with more being added by the day. With this raise, we’re going to make it even easier for them to get started and provide them with the tools they need for continued success.”
The Series B follows SamCart’s release of two new features. In July of last year, the company added SamCart Courses, which helps brands launch online courses, and Auto-Enroll for “one-click course cross sells,” according to SamCart.
The news from SamCart also marks one of the top funding moments for DC companies in 2022’s first four months. On the heels of a $5 billion VC year in DC, SamCart’s raise follows strong raises like Virtru’s $60 million, Shift5’s $50 million and the huge $325 million round from kidney company Somantus.-30-