Trove, a Brisbane, CA-based branded recommerce company, raised $77.5 million in Series D funding. The round, which brought Trove’s total funding to date to $122.5 million, was led by G2 Venture Partners with participation from the Bank of Montreal, Capital One Ventures, Commerce Ventures, and Wellington Management.
The company intends to use the funds to “expand its roster of brand partners, strengthen its technology and logistics infrastructure, enter the luxury vertical, and service a new customer audience in Europe.”
Led by Andy Ruben, CEO, Trove provides white-label technology and an end-to-end operations platform for premium brands to take back items from customers while maintaining control of their brand equity and owning their customer experience, data and relationships. The company currently works with Lululemon, Patagonia, REI, Nordstrom, Levi’s, Eileen Fisher, and Arc’teryx.
“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,” said Ruben, CEO. “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.”
Photo courtesy Trove
