Trove, a Brisbane, CA-based company which specializes in branded resale and trade-in for brands and retailers, raised $30M in Series E funding.
The round, which brought the total amount to $150M, was led by Wellington Management and ArcTern Ventures, with participation from Mitsui Fudosan’s CVC Fund, G2 Venture Partners, Prelude Ventures and other existing investors.
The company intends to use the funds to accelerate the expansion with new brands and verticals, and to further the growth of Trove Recommerce Powered facilities.
Led by CEO Gayle Tait, Trove is a market leader in branded resale and trade-in for brands and retailers such as Canada Goose, lululemon, Patagonia, REI, Levi’s, Arc’teryx, Allbirds, and more. Through its proprietary Recommerce Operating System, the company aims to accelerate the shift toward more sustainable business models, foundational for circularity. Over the last decade, the company has equipped brands with technology and operations to create and scale branded resale programs by enabling customer trade-in of items, single-SKU identification and condition grading, site build and maintenance, and customer data collection, analytics and reporting.
In the last year, Trove published a Brand Resale Index, measuring the industry’s progress in the $100 billion global resale market. Additionally, its Recommerce Operating System has been integrated with brands and multi-brand partners, most recently with Carhartt, Canada Goose, and Brooks.
FinSMEs
10/08/2023