Capital One Ventures, a corporate venturing unit for financial services firm Capital One, participated in a $77.5m series D round for Trove, a US-based developer of online platforms for reselling consumer goods, on Wednesday.
Venture capital firm G2 Venture Partners led the round, which also featured financial services firm Bank of Montreal, Commerce Ventures, Wellington Management and all the existing Trove investors who hold a board seat.
Founded in 2012, Trove builds online platforms on behalf of consumer goods brands such as Lululemon and Patagonia to resell used products. The company processed nearly 1 million unique items and managed more than 10 million catalogue records in 2020.
The proceeds of the round will go towards the expansion of Trove’s network of brand partners and the development of its technology and logistics infrastructure. It also intends to use the funding to address the luxury segment and enter European markets.
Trove said it had previously raised $45m of funding, but the details of any earlier rounds could not be confirmed. Prologis Ventures, the corporate venturing arm of warehouse operator Prologis, is an existing investor according to its website, as are Prelude Ventures, DGNL Ventures and Elemental Excelerator.