Lululemon and Levi's resale provider Trove raises $77.5 million in funding
Re-commerce company Trove, whose technology and innovation power resale services for lululemon, Patagonia, REI, Nordstrom, Levi’s and other leading brands, has announced that it has closed a $77.5 million Series D funding round.
The round brings Trove’s total funding to date to $122.5 million.
Thre latest round was led by G2 Venture Partners, with other participants in the round including Bank of Montreal, Capital One Ventures, Commerce Ventures, Wellington Management and all of Trove’s existing board investors.
The company will use the new funding to significantly expand its roster of brand partners, strengthen its technology and logistics infrastructure, enter the luxury market, and service a new customer audience in Europe.
Andy Ruben, CEO of Trove, commented: “Consumer demand for resale is soaring and premium brands know it’s now a strategic imperative to control their brand and stay close to their customers by owning their trade-in and resale channels instead of handing them over to third-party marketplaces.
“We’re thrilled to join forces with this group of prestigious investors to accelerate our expansion efforts and enable more brands and retailers to build successful resale channels that help them deepen their relationships with customers and reduce their environmental impact.”
Recommerce is expected to account for 14% of the apparel, footwear and accessories market by 2024, or roughly $60 billion, up from about 7% in 2020, according to research from Cowen.
As resale sees skyrocketing growth, Trove aims to provide the technology platform and logistics brands need to control their own recommerce channels, allowing them to own their customer relationships and data, generate additional revenue, attract new and younger consumers to their brand, and drive sustainability by increasing the lifespan of their products.
In 2020, Trove processed nearly 1 million unique items and managed over 10 million catalog records, triple the number in 2019.
Trove recently joined the Ellen MacArthur Foundation network, which supports businesses that promote a circular economy across three sustainability principles, designing out waste and pollution, keeping products and materials in use, and regenerating natural systems.