Total amount raised
$152.5 Millions
Latest funding date
Location
Trove has successfully raised significant funding over multiple rounds, with its latest being a Series E round closed on August 10, 2023. The company is backed by notable investors such as G2 Venture Partners and Prelude Ventures, and it commands over 75% of the U.S. branded resale market.
Keep reading to explore the intricacies of Trove's fundraising journey and the investors backing this innovative platform.
What Is Trove?
Trove, founded in 2012 by Andy Ruben, is a prominent player in the recommerce industry, specializing in resale and trade-in solutions. The company is headquartered in Brisbane, California, and employs between 51 to 100 people.
Operating in sectors such as e-commerce, fashion, retail, and SaaS, Trove partners with leading brands like Patagonia and Michael Kors. The platform offers advanced tools for in-store and digital trade-ins, returns processing, and resale site building, driving sustainability and profitability for its partners.
How Much Funding Has Trove Raised?
- Seed Round
- Amount Raised: $2M
- Date: August 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish initial operations and develop the core technology platform.
- Series A
- Amount Raised: $5M
- Date: April 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the technology platform.
- Series B
- Amount Raised: $13M
- Date: April 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: November 2018
- Lead Investors: Elemental Impact
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational expansion.
- Series C
- Amount Raised: $25M
- Date: September 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand market reach.
- Series D
- Amount Raised: $77.5M
- Date: August 2021
- Lead Investors: G2 Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand into new verticals.
- Series E
- Amount Raised: $30M
- Date: August 2023
- Lead Investors: Wellington Management, ArcTern Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand partnerships and grow Recommerce facilities.
Total Amount Raised: $152.5M. Current Valuation: Not publicly disclosed.
Key Investors
- Wellington Management
- Details: Wellington Management is one of the world’s largest independent investment management firms, managing over $1 trillion for clients globally. The firm offers investment solutions across various asset classes, including equities, fixed income, and alternatives.
- Investment Focus Areas: Technology, healthcare, financial services, consumer goods.
- Notable Investments: Airbnb, Stripe, Robinhood.
- ArcTern Ventures
- Details: ArcTern Ventures is a venture capital firm focused on solving the climate crisis and rethinking sustainability. Based in Toronto, with offices in Oslo and San Francisco, the firm invests globally in breakthrough technology companies.
- Investment Focus Areas: Clean technology, sustainable energy, environmental innovation.
- Notable Investments: CarbonCure, e-Zinc, Peak Power.
- Mitsui Fudosan’s CVC Fund
- Details: Mitsui Fudosan’s CVC Fund is the corporate venture capital arm of Mitsui Fudosan, a leading real estate company. The fund focuses on innovative companies that can create synergies with Mitsui Fudosan’s core businesses.
- Investment Focus Areas: Real estate, urban development, technology.
- Notable Investments: WeWork, View, Inc.
- G2 Venture Partners
- Details: G2 Venture Partners is a venture capital firm that invests in emerging technology companies driving sustainable industrial transformation. The firm focuses on sectors that are undergoing significant technological change.
- Investment Focus Areas: Energy, transportation, industrial sectors.
- Notable Investments: Proterra, Arcadia, Aurora Solar.
- Prelude Ventures
- Details: Prelude Ventures is a venture capital firm that invests in early-stage companies addressing climate change. The firm focuses on innovations in energy, agriculture, and transportation.
- Investment Focus Areas: Climate technology, sustainable products, advanced agriculture.
- Notable Investments: QuantumScape, Planet, Zymergen.
What's Next for Trove?
Trove stands at the cusp of significant growth opportunities, driven by the increasing demand for branded resale solutions. With plans to expand into new brands and verticals, and to grow its Recommerce Powered facilities, the company is well-positioned to capitalize on the booming resale market, which is projected to represent 23% of all retail by 2030. The recent $30 million Series E funding round underscores the potential for future fundraising to support these ambitious expansion plans.
However, as Trove scales its operations, it will face challenges such as managing the logistics of international expansion and maintaining quality across multiple facilities. The competitive landscape of the resale market also poses a threat, requiring Trove to continuously innovate and enhance its technology and operations. Despite these hurdles, the company's strong investor backing and commitment to sustainability position it for continued success in the evolving retail ecosystem.
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