Optoro announced that it has received a $40 million debt financing commitment from TriplePoint Venture Growth BDC Corporation, a leading non-bank venture debt provider, and Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community. This investment brings Optoro’s total amount of money raised to over $100 million.
“We are excited to raise additional capital from two great new partners, TriplePoint Venture Growth BDC Corporation and Square 1 Bank,” said Tobin Moore, CEO and co-founder of Optoro. “This additional funding will help Optoro scale our operations and technology to support the world’s biggest retailers.”
Every year, over 15% of inventory is ultimately returned by consumers or deemed excess by retailers. In the US alone, that totals a staggering $500 billion. Optoro’s technology helps retailers optimize the management of returned and excess inventory by processing, sorting, and selling these products in a much more efficient and cost-effective way. Working with some of the largest retailers in the US, Optoro’s software platform has enabled its clients to increase the recovery on such inventory by 50-200 percent.
“It has been a pleasure working with Tobin and Adam over the past few years and watching Optoro grow and materially disrupt the reverse logistics industry,” added Elizabeth Orsinger, vice president of Square 1 Bank’s Mid-Atlantic technology practice. “We look forward to continuing this relationship and serving their banking needs every step of the way.”
In December, Optoro closed a $50 million Series C funding. The funding round was led by Kleiner Perkins Caufield & Byers (KPCB) joined by Generation Investment Management (Generation) with participation from existing investors Revolution Growth, Grotech Ventures and SWaN & Legend Venture Partners.
Optoro is a technology company that is transforming the way retailers process and sell their returned and excess inventory. Through innovative data analytics, Optoro’s software platform determines the best path for returned and excess goods, maximizing recovery value, enabling consumers to get great deals and reducing environmental waste.
TriplePoint Capital is a Sand Hill Road-based global financing provider to high growth venture capital-backed companies throughout their lifespan, providing customized debt financing, leasing, and direct equity investments. TriplePoint provides unparalleled levels of creativity, flexibility and customer service to serve as the primary debt financing provider for leading venture capital-backed companies in the technology, cleantech and life sciences sectors and is the only debt provider equipped to meet the unique needs of high growth venture-backed companies at every stage of their development.
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC.