Total amount raised
$152.5 Million
Latest funding date
08/01/2023
Location
Trove has successfully raised funding through 7 rounds, with notable investors including G2 Venture Partners, Prelude Ventures, ArcTern Ventures, and Wellington Management. The company specializes in recommerce solutions, helping brands like Patagonia and Michael Kors launch and scale resale programs.
Keep reading to explore the intricacies of Trove's fundraising journey and the investors backing this innovative platform.
What Is Trove?
Trove is a private company based in Brisbane, California, specializing in recommerce solutions. The company operates in various industries, including E-Commerce, Fashion, Retail, Retail Technology, SaaS, and Secondhand Goods. Trove commands 75% of U.S. branded resale, empowering brands like Patagonia and Michael Kors to launch, manage, and scale resale programs.
Founded to enhance growth and profitability for brands, Trove offers modular resale shopping solutions, digital and in-store trade-in options, and comprehensive recommerce operations. The company has 51-100 employees and has acquired two organizations, with the most recent being Reverse.supply.
How Much Funding Has Trove Raised?
- Seed Round
- Amount Raised: USD 2,000,000
- Date: August 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company's initial operations and develop its recommerce platform.
- Series A
- Amount Raised: USD 5,000,000
- Date: April 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and onboard initial brand partners.
- Series B
- Amount Raised: USD 13,000,000
- Date: April 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and enhance technology capabilities.
- Series Unknown
- 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: USD 25,000,000
- Date: September 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the recommerce platform and expand brand partnerships.
- Series D
- Amount Raised: USD 77,500,000
- Date: August 2021
- Lead Investors: G2 Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand into new markets.
- Series E
- Amount Raised: USD 30,000,000
- Date: August 2023
- Lead Investors: Wellington Management, ArcTern Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel expansion with new brands and verticals, and to grow Trove Recommerce Powered facilities.
Total Amount Raised: USD 152,500,000. Current Valuation: Not publicly disclosed.
Key Investors
- Wellington Management
- Details: Wellington Management is a global investment management firm that co-led Trove's Series E funding round. The firm manages over $1 trillion in client assets across various sectors and geographies.
- Investment Focus Areas: Technology, healthcare, financial services, biotechnology, climate technology.
- Notable Investments: Airbnb, Uber, Moderna.
- ArcTern Ventures
- Details: ArcTern Ventures is a venture capital firm focused on clean technology and sustainability. They co-led Trove's Series E funding round.
- Investment Focus Areas: Clean technology, sustainability, climate change solutions.
- Notable Investments: CarbonCure Technologies, e-Zinc.
- G2 Venture Partners
- Details: G2 Venture Partners is a venture capital firm that participated in Trove's Series E funding round. They focus on technology-driven sustainability investments.
- Investment Focus Areas: Technology, sustainability.
- Notable Investments: Proterra, Luminar Technologies.
- Prelude Ventures
- Details: Prelude Ventures is a venture capital firm that participated in Trove's Series E funding round. They focus on early-stage investments in companies addressing climate change and sustainability.
- Investment Focus Areas: Climate change, sustainability.
- Notable Investments: QuantumScape, Planet Labs.
- Mitsui Fudosan’s CVC Fund
- Details: Mitsui Fudosan’s CVC Fund is a corporate venture capital fund that participated in Trove's Series E funding round. They focus on strategic investments aligned with Mitsui Fudosan’s real estate and urban development interests.
- Investment Focus Areas: Real estate, technology, sustainability.
- Notable Investments: WeWork, View, Inc.
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 the establishment of additional Recommerce facilities, the company is poised to resell tens of millions of items by 2025. The global resale market, projected to reach $350 billion by 2027, offers a vast landscape for Trove to capture a substantial market share.
Future fundraising opportunities appear promising as Trove continues to attract investment from firms focused on sustainability and technology. The recent $30 million Series E round, co-led by Wellington Management and ArcTern Ventures, underscores investor confidence in Trove's growth trajectory. Additional funding rounds may be on the horizon to support further expansion and technological advancements.
However, challenges lie ahead. Scaling operations to meet surging demand, managing international logistics, and maintaining technological efficiency will be critical. As the resale market grows, competition will intensify, requiring Trove to stay ahead in innovation and customer satisfaction. Despite these hurdles, Trove's strategic vision and robust investor backing position it well for future success.
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