Trove Secures $30M Series E Funding Further Expanding Market Leadership Position In Branded Resale and Trade-In
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Amid expanding partners and logistics facilities internationally, Trove secures a new injection of capital to meet surging branded resale demand
BRISBANE, Calif., August 11, 2023-- Trove, the market leader in branded resale and trade-in for world-class brands and retailers including Canada Goose, Carhartt, lululemon, Patagonia, REI, Levi’s, Arc’teryx, Allbirds, and more, today announces its $30 million Series E funding, bringing Trove’s total funding to over $150 million since its inception. The round is co-led by Wellington Management and ArcTern Ventures, with participation from Mitsui Fudosan’s CVC Fund, G2 Venture Partners, Prelude Ventures and other existing Trove investors. The company will use this new injection of capital to fuel its expansion with new brands and verticals, and to further the growth of Trove Recommerce Powered facilities as it meets the surging demand for its branded resale solutions.
The news comes on the heels of Trove’s international expansion, with five facilities across North America, and more to come. Trove will continue its expansion through logistics partners, in addition to Trove's owned and operated ReWarehouse. Currently, Trove-powered resale sites account for more than 60% of all branded resale traffic in North America according to industry-source, Second Measure.
“For over a decade, Trove has been the pioneer behind leading resale programs,” says Trove CEO Gayle Tait. “We equip brands to own their resale experience and engage with new and existing customers. This is only possible through our proprietary technology and unparalleled warehouse and logistics capabilities. Now, our accelerating scale and flexibility means we can deliver more impact across categories and markets, keeping millions of quality items in circulation.”
With the resale market growing 5X the rate of retail, and expected to represent 23% of all retail in 2030, this funding round strategically brings together experts in climate, technology, operations, and resale to further Trove’s impact on an international scale. Trove’s unique Recommerce Operating System extends the life of millions of items, and has saved 3 million kilograms of CO2 since inception. The company is projected to resell tens of millions of items by 2025 through its continued growth in logistics and operations facilities.
“Trove’s commitment to building a more climate-conscious future in retail aligns with the impact we seek to achieve through our investments,” says Molly Breiner, Sector Lead, Climate Innovation, Wellington Private Investments. “We look forward to supporting Trove’s continued work as the leader in branded resale ushering this market into its next evolutionary phase.”
“We’ve long been searching for the right investment in the circular economy and Trove is undoubtedly way ahead of any other player in the space,” says Murray McCaig, Managing Partner, ArcTern Ventures. “As resale experiences a major inflection point, Trove’s unique technology and deep understanding of the resale ecosystem positions the company for meaningful impact.”
In the last year, Trove published the first-of-its-kind Brand Resale Index, measuring the industry’s progress in the $100 billion global resale market. Additionally, Trove’s Recommerce Operating System has been integrated with world class brands and multi-brand partners, most recently with Carhartt, Canada Goose, and Brooks.
Trove is the market leader in branded resale and trade-in for world-class brands and retailers such as Canada Goose, lululemon, Patagonia, REI, Levi’s, Arc’teryx, Allbirds, and more. Through its proprietary Recommerce Operating System, Trove is accelerating the shift toward more sustainable business models, foundational for circularity. Over the last decade, Trove has equipped leading brands with technology and operations to create and scale branded resale programs by enabling customer trade-in of items, single-SKU identification and condition grading, site build and maintenance, and customer data collection, analytics and reporting.
About Wellington Management
Wellington Management is one of the world’s largest independent investment management firms, serving as a trusted adviser to over 2,500 clients in more than 60 countries. The firm manages more than US$1 trillion for clients, including pensions, endowments and foundations, insurers, and global wealth managers. Wellington offers investment solutions that span global equity, fixed income, currency, commodity, alternatives, and private markets. Wellington Private Investments (a business division of Wellington Management) has raised nearly US$8 billion in global assets and invests in early-stage venture through late-stage growth across multiple sectors (consumer, technology, health care, financial services, biotechnology, and climate technology) and geographies (Asia, Europe, and the Americas). The Private Investments Team leverages Wellington’s 1,000+ investment professionals around the world, combining deep private market experience with public market expertise, extensive networks, and robust research to benefit both investors and entrepreneurs. For more on Wellington Management, please visit wellington.com.
About ArtTern Ventures
ArcTern Ventures is a venture capital firm obsessed with helping solve the climate crisis and rethinking sustainability. ArcTern, based in Toronto with offices in Oslo and San Francisco, invests globally in breakthrough technology companies solving climate change and sustainability - we call it #earthtech. The fund was founded on the premise that accelerating the transition to a carbon-neutral economy will disrupt all industries and present an unprecedented opportunity for outsized financial returns. Solving our planet's biggest problems will lead to big rewards—for companies, their investors, and of course, Mother Earth.