(Photo by Flickr user Atomic Taco, used under a Creative Commons license)
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.”
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