Optoro, a Maryland (just outside Washington, DC)-based company that provides retailers with tools to manage and increase revenue from their returned and excess inventory, has closed a $7.5m Series A-1 venture funding.
The round, which brings total funding since inception to nearly $10m, was led by Grotech Ventures, with participation from previous investors SJF Ventures and QED.
The company intends to use the capital to accelerate the adoption and implementation of our platform by retailers and to expand their own ecommerce site, Blinq.com, which is a marketplace through which they sell inventory. In conjunction with the funding, Lawson DeVries, a general partner at Grotech Ventures, joined the company’s board.
Led by President and CEO Tobin Moore, Optoro provides retailers and manufacturers with a cloud-based software and marketing solution, called OptiTurn, to process and remarket returned, overstock, and damaged-box products. With OptiTurn, the company simultaneously posts inventory of all categories across online marketplaces, such as eBay, Amazon, Buy.com and Sears, instantly connecting products to secondary consumers. Optoro handles the entire remarketing process, from merchandising and channel management, to direct marketing and email campaigns, to customer service and returns processing.