Dive Brief:
- To fuel its growth, Trove has raised $30 million in Series E funding, the resale technology company announced on Thursday. Wellington Management and ArcTern Ventures co-led the funding round, and Mitsui Fudosan’s CVC Fund, G2 Venture Partners, Prelude Ventures and other current Trove investors participated in the round.
- The funding will support the company’s expansion across new brands and verticals and growth of Trove Recommerce facilities to meet rising resale demand.
- Trove forecasts it will resell “tens of millions of items” by 2025 as it expands its logistics and operations facilities, per the press release.
Dive Insight:
The Series E funding round follows Trove’s previous funding rounds and its physical expansion. The Brisbane, California-based resale tech provider announced plans last month to open five Trove Recommerce facilities in the U.S. and Canada, with an eye to soon expand into Europe.
In August 2021, the company raised $77.5 million from G2 Venture Partners, Capital One Ventures and other investors. The Series E funding round brings Trove’s total funding to over $150 million.
“For over a decade, Trove has been the pioneer behind leading resale programs,” Trove CEO Gayle Tait said in a statement. “We equip brands to own their resale experience and engage with new and existing customers. This is only possible through our proprietary technology and unparalleled warehouse and logistics capabilities. Now, our accelerating scale and flexibility means we can deliver more impact across categories and markets, keeping millions of quality items in circulation.”
In addition to creating more resale facilities, Trove has widened its reach via retailers’ stores. Last year, the company said it was available in 700 stores in the U.S., including brands like REI, Patagonia and Lululemon. For brands and retailers, integrating resale services like Trove into their operations is part of their environmental sustainability strategy.
As Trove grows its U.S. and international presence, the resale market is predicted to gain popularity among consumers. An April report from resale company ThredUp projects that the global resale market will reach $350 billion by 2027 and $70 billion in the U.S.
