Lanham, Md.-based Optoro, the company that helps retailers sell excess inventory or inventory that has been returned, announced on Wednesday that it has raised a $30 million Series D. The announcement included a new investor and strategic partner — United Parcel Service.
The alliance between Optoro and UPS, according to a press release, will see the duo “providing a one-stop shop solution for retailers and manufacturers to optimize the transportation and disposition of returned and excess inventory.”
“As e-commerce grows, returns will become an increasingly glaring challenge for retailers,” Alan Gershenhorn, UPS chief commercial officer, said in a statement. “Through this UPS Strategic Enterprise Fund investment, we are expanding our returns solutions supported by one of the fastest growing companies disrupting the reverse logistics process.”
Other participants in the funding round include existing investors like Revolution Growth, SWaN and Legend Venture Partners and more.
$30 million is a big round as far as local comparison this year goes, but it’s not unusual for Optoro. The company, founded in 2008, had raised $100 million as of July 2015. And where will the new money go? According to Optoro cofounder and CEO Tobin Moore, the influx of cash will be used to “accelerate the adoption of our solution with the world’s top retailers and brands.”
Before you go...
To keep our site paywall-free, we’re launching a campaign to raise $25,000 by the end of the year. We believe information about entrepreneurs and tech should be accessible to everyone and your support helps make that happen, because journalism costs money.
Can we count on you? Your contribution to the Technical.ly Journalism Fund is tax-deductible.
Join our growing Slack community
Join 5,000 tech professionals and entrepreneurs in our community Slack today!