InTurn, the US-based creator of an online platform that helps businesses shift excess inventory, has closed a $9.7m series A round led by Novel TMT Ventures, a subsidiary of telecommunications company Novel Group.
Forerunner Ventures, Lerer Hippeau Ventures, T5 Capital, Benvolio Group, Shuco, Bam Ventures, and angel investors Fabrice Grinda and Khajak Keledjian also took part in the round. Andrew Fine, a partner at Novel TMT, is joining InTurn’s board of directors.
InTurn’s platform connects organisations with excess stock to buyers, showcasing the goods in private online showrooms. The company will use the capital to hire additional staff for its sales and client services teams.
Novel TMT had already contributed to Inturn’s $3.6m series A round in April 2015, led by Forerunner Ventures and backed by Lerer Hippeau, T5 Capital, Beanstalk Ventures and angel investor Bobby Lent. InTurn has raised $13.6m altogether.