NEW YORK--(BUSINESS WIRE)--INTURN, the technology company that reinvented the way brands and retailers sell and purchase off-price inventory, today announced its $22.5 million Series B financing round led by B Capital Group, founded by Facebook co-founder Eduardo Saverin and Raj Ganguly. The investment will support INTURN’s growth globally.
“It’s rare to find a company transforming an industry at the scale and adoption rate that INTURN is across both large and small businesses. We’re very excited to partner with INTURN to further geographic expansion across all retail categories,” said Raj Ganguly, Co-Founder and Partner of B Capital Group. “It’s incredible to watch buyers and sellers thoughtfully improve their businesses using INTURN’s platform. INTURN is proving to be essential to retail success,” said Bryan Ciambella, Principal, B Capital Group.
“B Capital and its partners The Boston Consulting Group bring deep retail technology expertise and the widest global network, which is already accelerating our expansion,” said Ronen Lazar, Co-Founder and CEO of INTURN. “This is a strong signal to the entire industry that innovation to the management and monetization of inventory is critical in this evolving market.”
With this announcement, INTURN has raised $36 million to date through a notable line of investors including investments from Beanstalk Ventures, Novel TMT Ventures, the technology investment arm of Silas Chou and his family; Forerunner Ventures; Lerer Hippeau Ventures; Benvolio Group, the investment arm of Lew Frankfort, Chairman Emeritus, Coach, and his family; and Shuco LLC, an investment arm of Stanley S. Shuman, who all participated in the latest round.
Since its founding in 2013, INTURN has quickly gained the trust of the world’s leading brands and retailers to better manage the buying and selling of excess inventory through a robust B2B exchange. This funding round comes during a period of rapid growth for the Company with INTURN’s vast network of buyers and sellers spanning over 40 countries worldwide, with an estimated $500 million of product available on the platform today ready to be sold through privately controlled offerings. Prior to INTURN, retailers and brands had relied primarily on manual tools and processes, which resulted in the inability of off-price buyers to see and evaluate the inventory they wanted to buy and billions of dollars in lost revenue.
About B Capital Group
B Capital Group is a strategic venture capital firm that invests in pioneering B2B companies that are transforming industries and scaling across the global stage. B Capital Group was launched in 2015 by Eduardo Saverin (Facebook co-founder) and Raj Ganguly with offices in San Francisco, Los Angeles and Singapore. Partnering with The Boston Consulting Group, and its incubation arm BCG Digital Ventures, B Capital delivers unique access to top corporations to match cutting-edge start-ups with the world's most powerful CEOs, platforms, and brands. Existing portfolio companies include CXA, Evidation Health, iCertis, Lanetix, Ninja Van and SilverCloud Health.
INTURN is the first global B2B online platform innovating the way brands and retailers sell and buy excess inventory. The platform protects the brands’ integrity by connecting buyers and sellers in private online showrooms, and only after a mutual opt-in process. INTURN’s first vertical focus is the $250 Billion fashion and apparel sector. The online marketplace brings together, for the first time, buyers and sellers from all over the world and provides them with automated tools to replace what is a manual, painstaking, error-prone process. The result is a solution that provides retailers a chance to find more inventory and brands a chance to find the ideal retailer faster—while delivering a powerful opportunity for both sides to increase profitability. INTURN is designed and led by retail industry veterans and technology experts and funded by leading retail technology investors. For more information visit www.inturn.co.