Trove Recommerce, a maker of online platforms for brands such as Lululemon and Patagonia to sell used goods, raised $77.5 million from investors trying to get in on the hottest part of the apparel market.
The Series D round, led by G2 Venture Partners, brings the company’s total funding to $122.5 million, Trove said. The investment increases the company’s valuation to between $200 million and $300 million, according to a person familiar with the deal who asked not to be identified. Trove declined to comment on the valuation or other financial metrics. However, it did say that in 2020 more than 1 million items were sold on its platform, triple the total from a year earlier.
Trove, based in Brisbane, California, will use the new capital to expand a customer base that includes nine brands, according to Andy Ruben, the company’s founder and chief executive officer. Interest from potential customers boomed this year with resale continuing its rapid growth, and Trove is considering another 50 potential partners. It also plans to expand further into luxury and outside the U.S.
Source: Bloomberg
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