Technology company INTURN announced a $22.5 million Series B financing round led by B Capital Group. With this news, the company has raised $36 million to date and worked with a number of notable investors. INTURN, which has reinvented the way brands and retailers sell and purchase off-price inventory, plans on using the latest funding to accelerate global growth.
“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,” Ronen Lazar, Co-Founder and CEO of INTURN, said in a statement. “This is a strong signal to the entire industry that innovation to the management and monetization of inventory is critical in this evolving market.”
Currently, INTURN’s network of buyers and sellers spans over 40 countries worldwide and houses an estimated $500 million of product ready to be sold on the platform. The latest financing round will help grow these numbers.
In the past, retailers’ processes for evaluating inventory were largely manual, which limited transparency and resulted in billions of dollars in lost revenue. In 2013, INTURN set out to provide the industry with a robust B2B exchange and a better way to manage the buying and selling of excess inventory.
“It’s rare to find a company transforming an industry at the scale and adoption rate that INTURN is across both large and small businesses,” Raj Ganguly, Co-Founder and Partner of B Capital Group, said in a statement. “We’re very excited to partner with INTURN to further geographic expansion across all retail categories.”
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