Excess inventory marketplace Inturn has closed a $22.5m (£17.7m) funding round, allowing it to open a London office.
B Capital Group, founded by Facebook co-founder Eduardo Saverin and Raj Ganguly, led the round, which brings Inturn’s total raised to $36m (£28.3m) to date. Other investors include Coach chairman and former CEO Lew Frankfort and textile billionaire Silas Chou, who was an early backer of Michael Kors.
As part of this funding, Inturn has announced plans to open a London office, led by Gemma Juviler, the company’s EU director of business development. Approximately 30% of Inturn’s business is currently based on European brands.
Inturn, which was founded in 2013, is a B2B online platform for retailers to buy and sell excess inventory. The site features private showrooms and an opt-in system to protect brands’ integrity.
The company says it has buyers and sellers in 40 different countries and an estimated $500m (£392.6m) of product available on the platform today.
“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,” said 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.”