Trove, which also works with apparel brands Carhartt, Patagonia, Arc’teryx and Allbirds, says its latest series E funding round will fuel its expansion into new brand collaborations, and market sectors as well as power the expansion of its Recommerce Powered facilities to address the need for branded resale solutions.
Trove CEO Gayle Tait explains: “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."
The announcement coincides with Trove's recent international expansion, which includes five facilities across North America, with further expansion plans on the horizon. Trove's growth trajectory will be bolstered by collaborative efforts with logistics partners and the use of its proprietary ReWarehouse operations.
Tait adds: “Now, our accelerating scale and flexibility mean we can deliver more impact across categories and markets, keeping millions of quality items in circulation.”
Trove points out the resale market is growing at five times the pace of traditional retail and is set to represent almost a quarter (23%) of the entire retail market by 2030, so it believes its latest funding round demonstrates its commitment to driving change on an international scale.
Molly Breiner, sector lead of climate innovation at Wellington Private Investments says Trove’s commitment to building a more climate-conscious future in retail aligns with the impact her company seeks to achieve through its investments.
Meanwhile, ArcTern Ventures' managing partner, Murray McCaig highlights: “As resale experiences a major inflection point, Trove’s unique technology and deep understanding of the resale ecosystem positions the company for meaningful impact.”
The series E funding round is co-led by Wellington Management and ArcTern Ventures, and with participation from Mitsui Fudosan’s CVC Fund, G2 Venture Partners, Prelude Ventures, and other existing Trove investors.
