- Danielle Wightman-Stone |
Inturn, the technology company that allows brands and retailers to sell and purchase off-price inventory, has closed a 22.5 million dollar Series B funding round, which will allow it to expand globally.
The last round of funding was led by B Capital Group, founded by Facebook co-founder Eduardo Saverin and Raj Ganguly. Inturn has raised 36 million dollars to date with investors including textile billionaire Silas Chou, who was an early investor of Michael Kors, Coach chairman and former chief executive Lew Frankfort, Lerer Hippeau Ventures, and the Benvolio Group.
“B Capital and its partners The Boston Consulting Group bring deep retail technology expertise and the widest global network, which is already accelerating our expansion,” said Ronen Lazar, co-founder and chief executive of Inturn. “This is a strong signal to the entire industry that innovation to the management and monetisation of inventory is critical in this evolving market.”
Ganguly added: “It’s rare to find a company transforming an industry at the scale and adoption rate that Inturn is across both large and small businesses. We’re very excited to partner with Inturn to further geographic expansion across all retail categories.”
Inturn launched in 2013 as the first global business-to-business online platform innovating the way brands and retailers sell and buy excess inventory. The platform protects brands integrity by operating an opt-in system and connecting buyers and sellers in private online showrooms.
The startup is based in New York and has buyers and sellers spanning over 40 countries worldwide, and an estimated 500 million dollars of product available on the platform today.