D.C.–based Optoro announced the close of a $75 million funding round this week, as it looks to further expand use of its technology that helps retailers put returned items back into commerce.
The round was led by Franklin Templeton, and included participation from Revolution Growth, Generation Investment Management, and Tenfore Holdings, among others, according to the company.
Eight-year-old Optoro’s platform uses data analytics help brands determine the best way to sell off excess inventory. The company lists Target, Jet and Staples as clients, among others.
“At Franklin Templeton Investments we look for companies that can build long-term value for our shareholders and we believe that Optoro can do that by solving the growing problem of customers returns, particularly in e-commerce,” Franklin Templeton’s Robert Stevenson said in a statement.
The company is looking to further scale the platform as well as invest in R&D and expand in sales and marketing.
“This capital will give us the resources we need to accelerate the expansion of our solution and successfully partner with the biggest retail companies in the world,” said Senior Director of Marketing and Communications Carly Llewellyn. “There is a huge market opportunity — returns are growing 10 percent year over year, and by 2020 will exceed $500B in the U.S.”
Hiring is also in the works. Optoro currently has 20 positions open in D.C. with more planned this year, Llewellyn said.
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