Inturn, a NYC-based technology company for brands and retailers to sell and purchase off-price inventory, raised $22.5m in Series B financing.
The round was led by B Capital Group with participation from Beanstalk Ventures, Novel TMT Ventures, the technology investment arm of Silas Chou and his family; Forerunner Ventures; Lerer Hippeau Ventures; Benvolio Group, the investment arm of Lew Frankfort, Chairman Emeritus, Coach, and his family; and Shuco LLC, an investment arm of Stanley S. Shuman.
The company, which has raised $36m to date, intends to use the funds to expand its growth globally.
Founded in 2013 by Ronen Lazar, CEO, Inturn provides brands and retailers with a B2B exchange platform to better manage the buying and selling of excess inventory. Its network of buyers and sellers span over 40 countries worldwide, with an estimated $500 million of product available on the platform to be sold through privately controlled offering.