SmartCommerce, an Atlanta startup that provides software products for the consumer-packaged-goods industry, raised $6 million, according to a filing with the U.S. Securities and Exchange Commission.
New York-based growth equity firm Argentum Group led the round, with participation from Mathers Associates, according to a company announcement this week. Argentum has previously invested in SmartCommerce, and its managing partner, Walter Barandiarán, serves as board chairman for SmartCommerce.
“Argentum has been a critical ingredient to our continued growth,” Jennifer Silverberg, CEO of SmartCommerce, said in a press release.
Founded in 2016, SmartCommerce produces the Click2Cart platform, which lets consumers add products to the virtual shopping carts directly from digital ads, influencer blogs, emails and videos.
SmartCommerce works with brands such as The Coca-Cola Co. (NYSE: KO), The Procter & Gamble Co. (NYSE: PG) and Nestlé. Those brands pay for the Click2Cart platform, and the products can get routed to the virtual carts of more than 500 retail partners, including Amazon, Walmart and Target.
Online shopping surged during the Covid-19 pandemic. That boosted venture capital funding for e-commerce enablement startups, especially in 2021, according to PitchBook. Although it’s waned some, e-commerce startups still raised $20 billion in 2022, a 44.5% increase from 2020, says PitchBook.
SmartCommerce today has 120 employees, according to its website. That's up from 40 employees in spring 2021. Last year, SmartCommerce acquired North Carolina-based Myxx, a recipe-centric e-commerce software firm that looks to simplify shopping.
