The Pro’s Closet, an online seller of pre-owned bikes, closed a $40 million Series B funding round led by The Chernin Group with participation from existing investors Foundry Group, Edison Partners and Ridgeline.
This funding announcement follows 2021 Q1 sales that doubled from 2020. The Pro’s Closet’s revenue has more than quintupled, and the company expects to double in size again in 2021.
This new round of investment is expected to align with The Pro’s Closet’s position to be the only scaled marketplace that works with every worldwide bike brand. The funds will also allow the company to grow its operations and technology teams, and retail and manufacturing partners. The Series B investment will also facilitate physical expansion to new markets.
“We’re extremely excited to use these funds to develop even more highly compelling experiences and services for our customers,” says The Pro’s Closet CEO John Levisay. “The Pro’s Closet aims to lift the entire bike industry by boosting liquidity in the marketplace. Many industries have proven that a fluid and safe aftermarket for used gear benefits and grows the entire vertical. We believe that we can advance that goal by expanding our teams and capacity to help more enthusiasts buy and sell bikes.”
As The Pro’s Closet expands, it will focus on developing services centered at its new, facility in Louisville, CO.
“We have seen The Pro’s Closet’s explosive growth over the last several years and are very excited to invest in their expanding business,” said Luke Beatty, The Chernin Group. “In The Pro’s Closet, we see a revolutionary approach to the bike buying and selling process, one that is consumer-centric and will be able to help more people access cycling products with greater ease and value than any other option. We’re grateful to help their business grow and expand.”
Photo courtesy The Pro’s Closet
