InTurn is turning on 2016 with a lot more resources under its belt.
The provider of Internet software designed to help consumer brand manufacturers and retailers buy and sell excess merchandise has completed a $9.7 million Series A financing round, bringing its total funding to $13.6 million, the company said today.
“The retail industry is becoming more technologically innovative, which is evidenced by the interest of so many brands and retailers to adopt this very easy-to-use platform,” says Ronen Lazar, co-founder and CEO.
InTurn, which operates a website at Inturn.co, provides e-commerce software under a software-as-a-service model that lets brands and retailers log into online showrooms where they can share images and details of available inventory, negotiate deals and complete transactions. InTurn says it is initially focusing on fashion apparel, with additional merchandise categories to follow.
Although some brands and retailers have begun buying and selling merchandise through its software, InTurn wasn’t yet at liberty to name those companies, a spokeswoman says. InTurn also declines to say how it charges fees for its software.
The $9.7 million investment was led by Novel TMT Ventures and included prior investors Forerunner Ventures, Lerer Hippeau and T5 Capital. New investors also joining the Series A round include Benvolio Group, Shuco LLC, Bam Ventures and Fabrice Grinda. InTurn says it plans to use the funding to expand its sales and client services teams to build its network of brands and retailers.
“This is our most significant early-stage investment ever,” says Andrew Fine, a partner with Novel TMT Ventures who has joined InTurn’s board. “InTurn’s solution to improving inventory liquidity and recovery is the biggest opportunity we have identified in the past decade.”
InTurn is the doing-business-as name of Smart SKUs Inc.
Other members of InTurn’s board include Michael Newman, former chairman and chief operating officer of Ralph Lauren; Stephen Milstein, co-founder of Burlington Coat Factory; Alexandra Wilkis Wilson, co-founder of Gilt Groupe; David Margolis, founder of Winners, a division of The TJX Cos.; Lee Helman, managing director of Financo, an investment firm focusing on the retail industry; and Barry Gluck, former executive vice president, merchandising, marketing, store planning and allocation at Ross Stores.
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