Optoro, a Lanham, MD-based platform for returned and excess inventory, closed a $30m Series D funding.
The round included participation from new investor and alliance partner UPS, as well as additional financing from existing investors Revolution Growth, Kleiner Perkins Caufield & Byers, Generation Investment Management, Tenfore Holdings, SWaN and Legend Venture Partners and the Maryland Venture Fund.
The company will use the funds to accelerate the adoption of its solution across retailers and brands. In connection with the investment, UPS and Optoro have also formed a strategic alliance, providing a shop solution for retailers and manufacturers to optimize the transportation and disposition of returned and excess inventory.
Led by Tobin Moore, co-founder and CEO, Optoro provides retailers and manufacturers with a platform to manage, process and sell returned and excess inventory. Using comprehensive data analytics and multi-channel online marketing, the company’s tech platform determines the best path for each item, maximizing recovery and reducing environmental waste.