BuyWander says it plan to use the fresh capital to drive its expansion throughout the US, support technological upgrades, and bolster its executive team.
The investment was headed by Madrona Venture Group and Inspired Capital. Past supporters of the company include Triple Impact Capital, Silence Ventures, Animal Capital, as well as several angel investors.
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The business currently has eight locations and has lately entered the Denver and Chicago markets, with a new warehouse site scheduled to open soon in Minneapolis.
BuyWander co-founder and CEO Jordan Allen said: “Retailers are sitting on billions of dollars in returned and overstocked inventory every year, and buyers are hungry for a better way to access it. We’ve seen that appetite play out in every market we’ve entered. This funding lets us bring that experience to more cities, faster, and put BuyWander in front of the next wave of buyers who are done with the old returns model.”
Founded in 2023 by Jordan Allen and Brock Kowalchuk, BuyWander is an auction-based marketplace that links buyers with returned and surplus goods from retailers such as Amazon, Target and Walmart.
Each auction runs for seven days with bids starting at $1. All purchased items can be returned within a week and are collected in person at a local warehouse, removing the need for shipping.
The new funding comes shortly after the company expanded its leadership to scale the company’s commercial operations and market expansion.
New additions include Laura Sasser as chief operating officer, Daniel Kiepfer as vice president of data and AI, Abu Marcose as senior director of warehouse technology and Roger Ling, director of Marketing.
They join a wider leadership team that includes chief technology officer Srinivas Palura, operation senior vice president Brent Hendricks and chief architect Ark Rozycki.
In addition, Scott Jacobson, Alexa von Tobel, and Greg Greeley have joined the BuyWander board following the funding round, while Charlotte Ross will serve as board observer.
Inspired Capital founder and managing partner Alexa von Tobel said: “BuyWander is solving a problem that’s only getting bigger. Retailers are drowning in returned and overstocked inventory, and there’s never been a good local solution for moving it.
“What stood out to us is how much traction the model has already found in every market it’s entered. Jordan and Brock have built something that works for buyers, works for retailers, and scales city by city without losing the local warehouse experience that makes the model work.”
