US-based e-commerce infrastructure company Trove has secured $77.5m in a Series D funding round, taking its total funding to $122.5m.
The funding round was led by venture and growth firm G2 Venture Partners and joined by the Bank of Montreal, Capital One Ventures, Commerce Ventures and Wellington Management, as well as Trove’s existing board investors.
Trove will use the proceeds to expand its list of brand partners and enhance its technology and logistics infrastructure.
The company also plans to enter the luxury vertical and serve new customer groups in Europe.
Trove CEO Andy Ruben said: “Consumer demand for resale is soaring and premium brands know it’s now a strategic imperative to control their brand and stay close to their customers by owning their trade-in and resale channels, instead of handing them over to third-party marketplaces.
“We’re thrilled to join forces with this group of prestigious investors to accelerate our expansion efforts and enable more brands and retailers to build successful resale channels that [will] help them deepen their relationships with customers and reduce their environmental impact.”
Trove provides technology and logistics for companies in the branded recommerce sector, including lululemon, Patagonia, REI, Nordstrom, Levi’s, Eileen Fisher and Arc’teryx.
Last year, the company processed almost one million unique items and managed more than ten million catalogue records.
Trove recently joined the Ellen MacArthur Foundation network, which helps businesses promote a circular economy by designing out waste and pollution, keeping products and materials in use and regenerating natural systems.
G2 Venture Partners founding partner Brook Porter said: “Trove is the undisputed market leader in branded recommerce given its scale, expertise and momentum.
“We’re proud to partner with Andy and his team to accelerate Trove’s expansion and lead the apparel industry toward a more sustainable future.”
