SamCart, the eCommerce platform built for creators by creators, today announced it has raised $82 million in a Series B funding round led by Eldridge, with participation from TTV Capital, Fin VC, and the George Kaiser Foundation, and new participation from eGateway Capital.
The strategic investment will accelerate the Company’s rapid growth as it offers digital products to help creators monetize their knowledge, diversify their revenue streams, and establish robust commerce infrastructure. SamCart will use the proceeds of this financing round to expand both its team and platform features as it accommodates growing demand across a creator market estimated to be more than $104 billion in size.
“We are thrilled to partner with this esteemed group of new and existing investors, who share our team’s passion for helping content creators build their businesses and brands,” said Brian Moran, founder and CEO of SamCart. “Solopreneurs, emerging, and established creators face many obstacles managing diverse channels while scaling their revenues. As the Creator economy expands and revolutionizes more aspects of commerce, we are the trusted brand to provide a dedicated, creator-centric, digital commerce platform that can maximize and monetize creators’ success online.”
SamCart’s subscription-based centralized platform offers specialized tools for digital creators. These include sales page design, revenue optimization, payments processing, and core commerce capabilities that allow customers to showcase their skills, convert visitors, increase the value of each purchase, and maximize the lifetime value of customer relationships. SamCart currently supports more than 30,000 businesses and has processed over $2.2 billion in sales to date. Renowned creators including Big Little Feelings (2.3M Instagram followers) and Ali Abdaal (2.71M YouTube subscribers) have recently joined some of the top creators already on SamCart, including Amazing.com, Julie Solomon, Nicholas Kusmich, and Yoga with Adriene.
“The creator economy is growing at an accelerated pace and SamCart provides the most comprehensive suite of products to enable creators to manage and scale their businesses,” said Todd Boehly, Co-founder and CEO of Eldridge. “We look forward to supporting SamCart as they continue to build the leading tools and software for creators and their audiences.”
The announcement follows SamCart’s July 2021 launch of two new features, SamCart Courses™ and Auto-Enroll™ technology. SamCart Courses™ is designed to help brands launch online courses with minimal effort, combining a premium student experience with seamless integration into the brand’s eCommerce engine. SamCart has also released a new Auto-Enroll™ technology, which has proven to increase student engagement by as much as 30%. The technology enables “one-click course cross sells” that have shown to increase order revenue by 25%.
Check Out the New Martech Cube Podcast. For more such updates, follow us on Google News Martech News