Amid expanding partners and logistics facilities internationally, Trove secures a new injection of capital to meet surging branded resale demand.
Trove, the market leader in branded resale and trade-in for world-class brands and retailers including Canada Goose, Carhartt, lululemon, Patagonia, REI, Levi’s, Arc’teryx, Allbirds, and more, announces its $30 million Series E funding, bringing Trove’s total funding to over $150 million since its inception. The round is 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. The company will use this new injection of capital to fuel its expansion with new brands and verticals, and to further the growth of Trove Recommerce Powered facilities as it meets the surging demand for its branded resale solutions.
The news comes on the heels of Trove’s international expansion, with five facilities across North America, and more to come. Trove will continue its expansion through logistics partners, in addition to Trove’s owned and operated ReWarehouse. Currently, Trove-powered resale sites account for more than 60% of all branded resale traffic in North America according to industry-source, Second Measure.
“For over a decade, Trove has been the pioneer behind leading resale programs,” says Trove CEO Gayle Tait. “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.”
With the resale market growing 5X the rate of retail, and expected to represent 23% of all retail in 2030, this funding round strategically brings together experts in climate, technology, operations, and resale to further Trove’s impact on an international scale. Trove’s unique Recommerce Operating System extends the life of millions of items, and has saved 3 million kilograms of CO2 since inception. The company is projected to resell tens of millions of items by 2025 through its continued growth in logistics and operations facilities.
“Trove’s commitment to building a more climate-conscious future in retail aligns with the impact we seek to achieve through our investments,” says Molly Breiner, Sector Lead, Climate Innovation, Wellington Private Investments. “We look forward to supporting Trove’s continued work as the leader in branded resale ushering this market into its next evolutionary phase.”
“We’ve long been searching for the right investment in the circular economy and Trove is undoubtedly way ahead of any other player in the space,” says Murray McCaig, Managing Partner, ArcTern Ventures. “As resale experiences a major inflection point, Trove’s unique technology and deep understanding of the resale ecosystem positions the company for meaningful impact.”
In the last year, Trove published the first-of-its-kind Brand Resale Index, measuring the industry’s progress in the $100 billion global resale market. Additionally, Trove’s Recommerce Operating System has been integrated with world class brands and multi-brand partners, most recently with Carhartt, Canada Goose, and Brooks.
SOURCE: BusinessWire