Mention the words ‘Retail Apocolypse’ and you’ll either get a blank stare, a balk of amusement or a headshake of discouragement.
For Inturn’s CEO Ronen Lazar, it’s none of these things.
“We actually don’t really look at what people are calling the ‘Retail Apocalypse’ as something that really helps or doesn’t help the growth of our business just because there’s so many factors [that affect the market],” he said in a call on Wednesday. “We see it as opportunity for businesses to innovate more than they have in the past.”
So to help the retail industry innovate, Lazar’s company, Inturn, a New York-based off-price inventory solution, has raised $22.5 million in Series B funding. The company has raised $36 million to date.
The investment round was led by B Capital Group with participation from the company’s existing investors Beanstalk Ventures, Novel TMT Ventures, Forerunner Ventures, Lerer Hippeau Ventures, Benvolio Group and Shuco LLC.
“It’s rare to find a company transforming an industry at the scale and adoption rate that Inturn is across both large and small businesses,” Raj Ganguly, partner at B Capital Group said in a statement. “We’re very excited to partner with Inturn to further geographic expansion across all retail categories.”
Lazar co-founded Inturn in 2013 with Andrew Fine, Ken Seiff and Charlie Ifrah which helps brands and retailers sell excess inventory through its B2B software platform.
With its network of buyers and sellers across 40 countries, the platform currently holds an estimated $500 million of product ready to be sold through privately controlled offerings, according to Inturn executives.
Lazar said the business is doing so well because due to the mere fact that there will always be a retailer looking to clear their inventory.
“There’s one constant, which is [that] there’s always going to be inventory to that needs to be cleared each season and that’s who we’re really there to support,” he said. “There always will be inventory just simply because there’s no foolproof way to actually predict what consumer demand might be.”
The new investment will be used to scale the business globally with a particular focus on large enterprise fashion businesses, Lazar said.
“These are interesting times in the retail environment and everyone must look at how to innovate on the backend for the health of [their] business,” he said.