G2 Venture Partners led the Series D investment, bringing the company's total funding to $122.5 million, according to Trove. The investment raises the company’s valuation to between $200 million and $300 million. More than 1 million goods were sold on its platform in 2020, more than tripling the number from the previous year.
According to Andy Ruben, Trove’s founder and chief executive officer, located in Brisbane, California, will utilize the additional funding to grow its customer base, which now comprises nine companies. With reselling continuing to expand at a quick pace, interest from new consumers soared this year, and Trove is evaluating another 50 possible partners. It also intends to grow into luxury and outside of the United States.
Brook Porter, a founding partner at G2 Venture Partners, said that all brands are realizing the same thing: they see enormous volumes of their products on peer-to-peer websites and have no control. He expects secondhand products to account for 10% to 30% of sales for Trove's current consumers. This is a once-in-a-lifetime opportunity.
Although used items have been traded online for decades, peer-to-peer platforms like Poshmark have made it easier for buyers and sellers to connect and transact in recent years. As a result, resale has become a profitable element of the gig economy. And sellers discovered a growing, primarily younger clientele attracted to secondhand products because of their lower pricing and lesser environmental effect.
Trove began as a peer-to-peer marketplace in 2012 but has now expanded to provide resale-related services to companies, such as repairing items, pricing them, and fulfilling orders. It also receives a percentage of sales.
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