Optoro, a software startup that allows brick-and-mortar retailers to sell unsold or returned goods to e-commerce sites, has raised USD23.5m in funding. The round was led by Revolution Growth, a firm started by AOL founders Ted Leonsis and Steve Case, and Grotech Ventures.
Maryland-based Optoro claims that 10% of all products bought from stores are returned and the company aims to help retailers take those items directly to online consumers. A Form D filing revealed that some USD3m of the capital will go to the company’s current shareholders. Leonsis of Revolution will join the Optoro’s board as a part of the round.
“Optoro has discovered a disruptive approach to solving one of the retail industry’s biggest and most costly logistics challenges,” said Revolution Growth co-founder Ted Leonsis, who will join Optoro’s board. “Our sweet spot is working with companies that have a big, built-to-last vision for attacking a significant market — and that’s exactly what Tobin and Adam are doing at Optoro.”
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