Climate infrastructure startup’s 8x revenue growth captured the attention of lead investors Fifth Wall
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SAN FRANCISCO, Oct. 10, 2022 (GLOBE NEWSWIRE) — EcoCart, a software company building the infrastructure for ecommerce companies to operate sustainably at scale, has raised a $14.5M Series A round. The company, which previously raised $3M in April 2021, will leverage the funds to continue its work toward making ecommerce more transparent and sustainable.
The round was led by Fifth Wall Climate, and with participation from Capital One Ventures, SVB Capital, Ryder Ventures, Sree Sreedhararaj, CTO at Sephora, Nikila Srinivasan, VP of Product at Instacart, and a handful of other angel investors. Existing investors Base10 Partners, SuperAngel.Fund, and angel Ben Jabbawy, Founder of Privy also participated in the round.
The company has increased revenue more than 8x and grown headcount from 5 to 30 full-time employees, which is a direct result of them capturing the attention of major ecommerce brands across the globe. As the company continues to grow, they plan to expand into new ecommerce platforms as well as other custom builds with their evolving API capabilities.
“Using EcoCart is like having your own trusted sustainability team to guide you through the process of measuring, offsetting, and analyzing your carbon footprint,” says Kyle Hency, Co-Founder and former CEO of Chubbies. “Their way of threading sustainability into the shopping experience doesn’t only help brands communicate about what they’re doing to be more sustainable but it genuinely delights customers in the moment. It’s also an extremely easy way for ecommerce brands to take that first step toward operating more sustainably, which removes potentially the biggest hurdle brands face when they first start considering sustainability.”
EcoCart’s platform has grown extensively since the previous financing round, having added capabilities such as product detail page content, educational homepage banners, live impact counters, and in-depth sustainability reporting. In addition to new capabilities, the roster of carefully vetted offsetting projects that the company partners with to help their customers fund genuinely impactful offsetting activities has also grown. This expansion has allowed EcoCart to offer even more impactful sustainability-led experiences, solidifying the company as a clear leader in the sustainable commerce space. As a result, brands leveraging EcoCart have seen higher than 60% adoption rates from their customers, which has led up to a 22% lift in conversion rate and a 38% increase in average order value.
“EcoCart makes sustainability an everyday touchpoint for consumers, unlocking a scalable way for thousands of companies to contribute to impactful, sustainable projects that support people and help to decarbonize our planet,” said Brendan Wallace, Co-Founder & Managing Partner, Fifth Wall. “We are proud to back EcoCart through its next stage of development and growth and explore how the real estate sector can harness the power of consumer action to make a meaningful impact globally.”
EcoCart was founded in 2019 by Dane Baker and Peter Twomey. Since inception, EcoCart has worked alongside merchants of all sizes, from retail giants to home-grown businesses, who don’t have the time or resources to go through a full product lifecycle audit and analysis, to help them calculate, analyze, and offset their carbon emissions. The company’s continued growth, and this new round of funding, is further evidence that the need for sustainability solutions for businesses of all sizes will only continue to grow.
“Since partnering with EcoCart last year, Dane, Peter, and team have made tremendous strides towards their vision of making the entire retail industry more sustainable. We’ve seen EcoCart build strong trusted relationships with their customers around the most critical point of the ecommerce experience: checkout,” noted Rexhi Dollaku, Partner at Base10 Partners. “Base10 is excited to continue backing this special company, which is well on its way to solidifying a spot in every brand’s ecommerce toolkit.”
EcoCart’s robust product suite has enabled the company to support 2,000+ customers including Siete Foods, Walmart Canada, Supergoop!, Bird Scooters, Mr. Beast’s Feastables, APL, and more. With this new round of funding, EcoCart will continue building next generation climate tools to enable ecommerce brands to operate more sustainably with a mission to make an impact with every online transaction.
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