Optoro Raises $40 Million in Venture Debt from TriplePoint Venture Growth BDC Corporation & Square 1 Bank

Optoro, a platform for returned and excess inventory, connecting buyers and sellers worldwide, today announced that it has received a $40 million debt financing commitment from TriplePoint Venture Growth BDC Corporation, a 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.

Tobin Moore, CEO and co-founder of Optoro, shared:

“We are excited to raise additional capital from two great new partners, TriplePoint Venture Growth BDC Corporation and Square 1 Bank. 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.

Elizabeth Orsinger, vice president of Square 1 Bank’s Mid-Atlantic technology practice, added:

“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. 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.