US-based inventory sales platform developer InTurn has raised $22.5m in a series B round featuring Novel TMT Ventures, the corporate venturing arm of telecommunications firm Novel Group.
The round was led by B Capital Group and included fellow venture capital firms Forerunner Ventures and Lerer Hippeau Ventures, VC fund Beanstalk Ventures and investment vehicles Shuco and Benvolio Group.
Founded in 2013, InTurn operates an online marketplace where consumer goods producers and retailers can buy or sell excess inventory. The company estimates about $500m worth of goods are available on its platform.
The series B round boosted InTurn’s overall funding to $36m. Novel TMT first invested as part of a $3.6m seed round in 2015 that was led by Forerunner Ventures, and which included Lerer Hippeau, Beanstalk Ventures, T5 Capital and angel investor Bobby Lent.
Novel TMT subsequently led the company’s $9.7m series A round in January 2016, participating alongside Forerunner Ventures, Lerer Hippeau Ventures, T5 Capital, Benvolio Group, Shuco, Bam Ventures and angel investors Fabrice Grinda and Khajak Keledjian.