Inturn, a New York City-based B2B SaaS platform for brands and retailers to sell and purchase off-price inventory, completed $9.7m in Series A funding.
The round was led by Novel TMT Ventures, with participation from previous investors Forerunner Ventures, Lerer Hippeau Ventures and T5 Capital as well as new investors Benvolio Group, Shuco LLC, Khajak Keledjian, Bam Ventures, and Fabrice Grinda. In conjunction with the funding, Andrew Fine, Partner of Novel, joined Inturn’s Board of Directors.
The company, which has raised $13.6m to date, intends to use the funds to expand sales and client services teams to support its network of global brands and retailers.
Led by Ronen Lazar, CEO and Co-Founder, Inturn provides a B2B online platform for brands and retailers to sell and buy excess inventory. The platform connects buyers and sellers in private online showrooms, after a mutual opt-in process. The first vertical focus is the fashion and apparel sector.
The company has also established an Advisory Board comprised of:
– Michael Newman, former Vice Chairman and COO, Ralph Lauren
– Stephen Milstein, Co-Founder, Burlington Coat Factory
– Alexandra Wilkis Wilson, Co-Founder, Gilt Groupe
– David Margolis, Founder, Winners, a division of The TJX Companies
– Lee Helman, Managing Director, Financo
– Barry Gluck, former EVP Merchandising, Marketing, Store Planning & Allocation, Ross Stores