The Pro’s Closet (TPC), the pre-owned cycling brand, has raised $12 million in funding led by Foundry Group and Edison Partners. Ridgeline Ventures and existing private investors also joined the round. The latest round of funding brings total investment in The Pro’s Closet to more than $27 million.
TPC has seen more than 130 percent year-over-year topline revenue growth this year and expects similar YoY growth in 2021. To scale its expansion, TPC will move its headquarters and operations to a 137,000-square-foot facility in Louisville, CO. This building is the former North American headquarters for Fjallraven and features 40,000 square feet of office space and 24 shipping bays.
“We’ve seen vertical marketplaces like jewelry, fashion, and luxury goods take off in the re-commerce marketplace. TPC owns the fast-expanding, high-end certified pre-owned bicycle segment. They’re introducing technology, efficiency, and buyer intelligence to a supply chain that previously didn’t exist. Given this transformative approach and the solid leadership at TPC, we are thrilled to join them as one of their partners,” remarked Ryan Ziegler, general partner at Edison Partners.
“TPC is solving two meaningful industry challenges when it comes to purchasing a bike online: trust and selection. The team continues to focus on providing the highest level of service to customers and the results show this commitment is paying off. Foundry Group is really excited about this next chapter as TPC continues to scale quickly,” added Chris Moody, partner at Foundry Group.
The Pro’s Closet CEO and Founder, Nick Martin, stated, “We are extremely fortunate to have such an amazing group of investors, and the addition of Edison Partners alongside our long-standing relationships with Foundry Group and Ridgeline makes for a dream scenario. It’s an honor to welcome Edison Partners and we value their support and knowledge as we continue to scale for the incredible opportunities before us.”
To support The Pro’s Closet’s facility transition and growth plan, Gregory Boucher recently joined The Pro’s Closet’s executive team as vice president of technology. Boucher has more than 18 years of experience in e-commerce product development and full-stack management and is assembling a top-tier tech team to manage this new expansion phase.
Illustration courtesy The Pro’s Closet