Lanham-based Optoro, a company that uses data analytics to help companies sell off their excess inventory, has raised $40 million in debt financing.
Optoro borrowed the funds from two new investors, California-based TriplePoint Venture Growth BDC Corp. and North Carolina-based Square 1 Bank.
In December, the company had already raised $50 million, which constituted the second largest venture capital deal in the D.C. area last year. To date, the company has reeled in $100 million since it was founded in 2008.
CEO and cofounder Tobin Moore said in a Tuesday press release that the money would be used to expand the company. “This additional funding will help Optoro scale our operations and technology to support the world’s biggest retailers,” he said.
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