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Last year, hundreds of household name businesses used the codeless mobile commerce platform to generate 1.2 billion dollars in GMV.
FREMONT, CA: Tapcart, a major mobile commerce platform that helps Shopify-powered brands develop mobile apps, announced today that it had received 50 million dollars in Series B funding. Left Lane Capital led the round, including Shopify, SignalFire, Greycroft, Act One Ventures, and Amplify LA.
Consumers are flocking to mobile devices in droves to shop for their favorite brands. Fashion Nova, The Hundreds, Pier One Imports, Patta, Culture Kings, and thousands of other leading merchants use Tapcart to power their top shopping applications on the App Store. Over 1.2 billion dollars in merchant GMV was transacted on Tapcart last year, demonstrating the platform's importance in the world's digital transformation into mobile retail.
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In 2020, Tapcart's recurring revenue climbed by three times. Macro consumer trends have fueled much of that growth and the company's development. Mobile phone usage continues to rise worldwide, with Americans spending more time on their phones than watching live television for the first time in history. Already widespread smartphone usage was boosted by the pandemic, which increased consumer mobile screen time by more than 20percentage year over year in 2019. During the same period, global mobile commerce expenditure increased by 55 percent year over year, surpassing 53 billion dollars during the online holiday shopping season alone. In addition, tapcart merchants got mobile app orders at a pace of more than once per second during that period. These tendencies, according to Tapcart, are here to stay for the foreseeable future.
Tapcart's Differentiators
"Tapcart is a true end-to-end sales channel built for marketers. You can engage mobile shoppers, create meaningful marketing promos and send them directly into lightning-fast checkouts. Customers want and expect unique, engaging, and personalized shopping experiences. This is why Tapcart exists," says Tapcart's CEO, Eric Netsch.
Tapcart appreciates its long-standing partnership with Shopify, having served just its merchants. Tapcart is most trusted by thousands of fast-growing Shopify merchants and believes fully in the publicly traded powerhouse's purpose and future growth. Tapcart intends to double down on the Shopify ecosystem with Shopify's investment and cooperation.
"We believe brands must be where their customers are, and today that means being on their phones," said Satish Kanwar, VP of Product Acceleration at Shopify. "Tapcart helps merchants create mobile-first shopping experiences that customers love, reinforcing Shopify's mission to make commerce better for everyone. We look forward to seeing Tapcart expand its success on Shopify with the more than 1.7 million merchants on our platform today."
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