Optoro has raised an additional $40 million in debt financing from TriplePoint Venture Growth BDC Corp., based in Silicon Valley, and Square 1 Bank out of North Carolina. The loan follows the company’s $50 million Series C round in December led by Kleiner Perkins Caufield and Byers, bringing the total amount raised by the company in its lifetime to more than $100 million.
Optoro, which is headquartered in Lanham, uses data analytics to maximize the efficiency of reselling returned and unused items — a $500 million market in the U.S., according to the company. Click here for my stroll through the company’s massive returned items facility.
As with the last injection of capital, the funding will be used largely for “scaling purposes,” though no details were provided by the company. Currently, Optoro services about 30 retailers, with the expectation of bringing aboard 10 more this year.