Inturn, a platform provider that allows brands and retailers to sell and buy excess inventory, has closed $9.7 million in Series A funding. Novel TMT Ventures led the round with participation from other investors that included Forerunner Ventures, Lerer Hippeau Ventures and T5 Capital. In addition to the funding, Inturn has added Andrew Fine, of Novel TMT Ventures, to its board of directors.
NEW YORK–(BUSINESS WIRE)–INTURN, the innovative B2B SaaS platform that reinvented the way brands and retailers sell and purchase off-price inventory, today announced that it has completed a $9.7 million Series A financing round. The funds will be used to expand the company’s sales and client services teams to support its growing network of global brands and retailers. The investment brings INTURN’s total funding to $13.6 million.
The financing round was led by Novel TMT Ventures, founded by Silas Chou’s two sons, Luis and Bruno Chou, and Andrew Fine, and included previous investors Forerunner Ventures, Lerer Hippeau Ventures and T5 Capital. New investors include Benvolio Group, the investment arm of Lew Frankfort, Chairman Emeritus, Coach, and his family; Shuco LLC, an investment arm of Stanley S. Shuman; Khajak Keledjian, Co-Founder of Intermix; Bam Ventures, founded by Brian Lee, Co-Founder of Honest Company and serial angel investor; and Fabrice Grinda. The company also announced the appointment of Andrew Fine, Partner of Novel, to its Board of Directors.
“The retail industry is becoming more technologically innovative, which is evidenced by the interest of so many brands and retailers to adopt this very easy-to-use platform,” said Ronen Lazar, INTURN’s CEO and Co-Founder. “We are very pleased to have attracted such prominent investors and advisors with deep off-price retail, finance and technology expertise. INTURN’s growth exceeded our expectations during 2015, and we are looking forward to an even more exciting 2016.”
“This is our most significant early stage investment ever. INTURN’s solution to improving inventory liquidity and recovery is the biggest opportunity we have identified in the past decade,” said Andrew Fine, Partner at Novel TMT Ventures. “We recognized the scope of this opportunity, given our early investment through Beanstalk Ventures, which we co-founded with Ken Seiff.”
INTURN Assembles Advisory Board of Renowned Industry Leaders
INTURN also announced that it has established an Advisory Board comprised of leaders in the off-price market and in global retail innovation shaping the industry. Members of the Board include:
Michael Newman, former Vice Chairman and COO, Ralph Lauren
Stephen Milstein, Co-Founder, Burlington Coat Factory
Alexandra Wilkis Wilson, Co-Founder, Gilt Groupe
David Margolis, Founder, Winners, a division of The TJX Companies
Lee Helman, Managing Director, Financo
Barry Gluck, former EVP Merchandising, Marketing, Store Planning & Allocation, Ross Stores
INTURN is the first global B2B online platform innovating the way brands and retailers sell and buy excess inventory. The platform protects the brands’ integrity by connecting buyers and sellers in private online showrooms, and only after a mutual opt-in process. INTURN’s first vertical focus is the $250 Billion fashion and apparel sector. The online marketplace brings together, for the first time, buyers and sellers from all over the world and provides them with automated tools to replace what is a manual, painstaking, error-prone process. The result is a solution that provides retailers a chance to find more inventory and brands a chance to find the ideal retailer faster—while delivering a powerful opportunity for both sides to increase profitability. INTURN is designed and led by retail industry veterans and technology experts and funded by leading retail technology venture capitalists. For more information visit www.inturn.co.