Inturn, developer of an online marketplace where manufacturers and retailers can sell excess inventory to other businesses, says today it added $22.5 million in funding to fuel product category and global growth. The technology company’s Series B funding round, led by B Capital Group, brings total funding to $36 million since its 2013 launch.
The B2B portal, at Inturn.co, is designed to improve the way brands and retailers sell and buy excess inventory, the company says. The platform connects buyers and sellers in private online showrooms, after a mutual opt-in process, the company says. Inturn’s first market focus is fashion and apparel.
Inturn’s goal is to help manufacturers and retailers better manage the buying and selling of excess inventory through its B2B exchange. The company has a network of buyers and sellers in more than 40 countries, with an estimated $500 million of products available on the platform today.
Sellers are charged a percentage of inventory sales in the low single digits, a spokeswoman says. To date, Inturn has about 100 companies on the platform including brands, retailers and department stores that offer goods to global retailers.
In the past, retailers and brands relied primarily on manual processes, with limited product information, and off-price buyers couldn’t see and evaluate the inventory they wanted to buy, the company says. Inturn says its platform enables sellers to include detailed product information along with images, which aims to speed the selling process and cut down on deep discounting to move excess inventory.
Payment options include bank transfer; third parties, or “factors,” that have purchased invoices from the seller; credit card and PayPal; commercial letter of credit; and escrow.
“B Capital and its partners The Boston Consulting Group bring deep retail technology expertise and the widest global network, which is already accelerating our expansion,” says Ronen Lazar, co-founder and CEO of Inturn. “This is a strong signal to the entire industry that innovation to the management and monetization of inventory is critical in this evolving market.”
B Capital Group, founded by Facebook co-founder Eduardo Saverin and Raj Ganguly, is backed by venture capital firm Boston Consulting Group. “We’re very excited to partner with Inturn to further geographic expansion across all retail categories,” says Raj Ganguly, co-founder of B Capital.
Inturn’s funding to date includes investments from Beanstalk Ventures, Novel TMT Ventures, technology investor Silas Chou; Forerunner Ventures; Lerer Hippeau Ventures; Benvolio Group, the investment arm of Lew Frankfort, chairman emeritus of Coach Inc.; and Shuco LLC, an investment segment of Stanley S. Shuman. All participated in the latest round.
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