Trove, the leading player in branded resale and trade-in services, has secured $30 million in Series E funding to bolster its market presence. This funding round, co-led by Wellington Management and ArcTern Ventures, brings Trove’s total funding to over $150 million. The capital injection will fuel Trove’s expansion into new brands and verticals, as well as the growth of its Trove Recommerce Powered facilities, addressing the surging demand for branded resale solutions.
Trove’s unique Recommerce Operating System extends the life span of numerous items, contributing to its significant impact on the circular economy and sustainability. With a focus on technology and logistics, Trove has become a pivotal player in the circular economy. The company’s efforts align with the growing trend in the resale market, which is expected to represent 23% of all retail by 2030.
The funding will further support Trove’s international expansion, following the establishment of multiple facilities across North America. The company’s innovative approach to branded resale and deep understanding of the industry positions it for meaningful impact and growth in a rapidly evolving market.