Resale company Trove secures 30 million dollars in fresh funding

Resale tech company Trove has raised 30 million dollars in a series E funding round, bringing its total funding to over 150 million dollars since its inception.

The US business, whose technology powers the resale services of brands including Lululemon, Patagonia, Nordstrom, and Levi’s, said the investment “strategically brings together experts in climate, technology, operations, and resale to further Trove’s impact on an international scale”.

The funding round was co-led by Wellington Management and ArcTern Ventures, with participation from Mitsui Fudosan’s CVC Fund, G2 Venture Partners, Prelude Ventures, and other existing Trove investors.

“For over a decade, Trove has been the pioneer behind leading resale programs,” said CEO Gayle Tait in a statement.

He continued: “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.”

It follows the news last month that Trove was expanding in North America with five new re-ecommerce powered partner facilities across the US and Canada.

It said at the time it was actively certifying a growing network of partner logistics facilities to meet “surging demand”.

According to transaction data analytics firm Second Measure, Trove-powered resale sites currently account for more than 60 percent of all branded resale traffic in North America.