Optoro Inc., a Washington, DC and Maryland-based provider of cloud platform for the retail returns industry, closed a $50m Series C funding.
The round was led by Kleiner Perkins Caufield & Byers (KPCB) and Generation Investment Management with participation from existing investors Revolution Growth, Grotech Ventures and SWaN & Legend Venture Partners. In conjunction with the funding, KPCB Partner Daniel Oros will join the board.
The company intends to use the funds to scale major partnerships and expand into new markets,
Co-founded in 2008 by Tobin Moore and Adam Vitarello, Optoro provides a cloud-based platform for retailers and manufacturers nationwide to manage and sell their excess and returned inventory. The solution leverages its proprietary software for optimal channel allocation to sell products simultaneously across over a dozen digital platforms, including eBay, Amazon and its own consumer-facing site, BLINQ.com.