Re-commerce company Trove, whose technology powers the resale services of brands like Lululemon, Patagonia, Nordstrom, Levi’s and Eileen Fisher, has secured 77.5 million dollars in Series D funding.
The round was led by G2 Venture Partners, with other participants including Bank of Montreal, Capital One Ventures, Commerce Ventures and Wellington Management.
The round brings Trove’s total funding to date to 122.5 million dollars.
It comes as the fashion resale space continues to heat up, driven by fast-growing consumer demand for more environmentally friendly clothing.
According to research by investment bank Cowen, re-commerce will account for 14 percent of the apparel, footwear and accessories market by 2024 - double what it was in 2020.
“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,” said Trove CEO Andy Ruben in a statement.
“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.”
In 2020, Trove processed nearly 1 million unique items and managed over 10 million catalog records, triple the number in 2019.