ThriveCart raises $35M in funding to help businesses build eCommerce carts and funnels
One of the challenges faced by eCommerce entrepreneurs is shopping cart abandonment. Research from Baymard Institute shows that about 70% of online shopping carts are abandoned. That means, for every 10 customers who add an item to their shopping cart, seven of them leave without completing the purchase. That’s why one tech startup is on a mission to address this problem.
Enter ThriveCart, an Austin, Texas-based tech startup that provides a comprehensive cart and funnel builder for small and medium businesses. Since its inception over six years ago, ThriveCart has helped online businesses generate over $2.2 billion in sales and increase their conversions.
Today, ThriveCart announced it has closed a $35 million investment from LTV SaaS Growth Fund to accelerate its product roadmap, grow its team and create best-in-class cart experiences for digital product sales.
Founded in 2016 by Josh Bartlett, ThriveCart is a shopping cart, payment processing, and affiliate marketing platform in the industry. ThriveCart’s platform is specialized for creators and businesses that sell digital products such as lessons and tutorials. E-commerce businesses that sell digital products use on ThriveCart to create high-converting content, cart pages, funnels, and affiliate campaigns.
Platform features include profit boosters, upsell abilities, tool integrations, and real-time business insights, as well as ConvertBox, an on-site engagement platform for personalized offers and lead capture forms.
“I am eager to continue the success of ThriveCart alongside Josh, our expert team, investors and ThriveCart’s affiliate network — all of whom recognize the impact we are making for business owners. Being surrounded by people who share the same passion for helping entrepreneurs grow their businesses is what propels us forward,” said McKeand. “As we enter 2023, a New Year’s resolution for many is to start or grow their own businesses. This investment from LTV SaaS Growth Fund will help make entrepreneurial dreams a reality for creators worldwide.”
ThriveCart will also use the new capital infusion to further invest in its technology, which SMBs already adore for its lifetime license, flexibility, technical support, and integration possibilities.
“We have an ambitious product roadmap, including a significant release planned for the first half of this year,” said McKeand. “The investment puts those efforts into overdrive, allowing us to bring new features and technology to our affiliates and customers even faster.”
The company also plans to grow its team to further tap into the thriving creator economy. The investment will accelerate the company’s growth as it offers tools to set up taxes, payments, subscriptions, coupons and marketing solutions, as well as build and manage affiliate programs.
“Working daily with entrepreneurs, I see firsthand how valuable ThriveCart is for building high-conversion checkout experiences,” said Gemma Bonham-Carter, a business strategist and member of ThriveCart’s affiliate network. “My customers create and sell content like courses and workshops, and ThriveCart is my go-to recommendation to help these creators close more sales. I’m eager to see what the ThriveCart team will do next to help even more entrepreneurs prosper.”