27. August.2021 – The United States-based Trove, a market leader for recommerce, announced that it raised USD 77.5 Million in a Series D funding round. This round brings the total funding of the company to USD 122.5 Million.

This Series D round was led by G2 Venture Partners and was participated by Capital One Ventures, Wellington Management Bank of Montreal, and the rest of the existing investors of Trove. 

In a press release, the company said, Trove will utilize this capital raised in exponentially expanding its brand partner’s roster, logistics infrastructure, strengthen tech, and providing service to new customers in Europe. 

Words from the investor – 

Brook Porter, founding partner of G2 Ventures said in a statement that “The fashion industry is one of the largest contributors to climate change, more than international flights and maritime shipping combined, and recommerce has the potential to cut that footprint in half. 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.” 

About Trove – 

Trove was founded as California Benefit Corporation, by Andy Ruben (CEO). He believed that sustainability is the only way forward for retail. The startup focuses on a mission, that it aims to aid its brand partners to succeed. 

Currently, Trove works with leading brands like REI, NEMO, lululemon Arc’teryx, EILEEN FISHER and more. It develops white-labelled channels that take control of the resale marketplace, which strengthen existing and new customers’ loyalty, increases profit, and aids the planet by evolving the economy’s circularity.  

Last year Trove handled approximately 1 Million products and managed more than ten million catalogue records, which was three times more than 2019. 

Words from the CEO – 

“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 help them deepen their relationships with customers and reduce their environmental impact,” Andy Ruben, CEO of Trove said in a statement.

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