Overview

Trove provides brands with technology to create their own resale platforms, catering to the growing demand for second-hand retail. Their system utilizes computer vision and machine learning to identify, price, and relist pre-owned items, ensuring they achieve maximum resale value. This technology allows brands to maintain customer loyalty by offering trade-in options for used items, which can be exchanged for store credit, encouraging repeat purchases. Trove's model includes a customizable resale storefront that integrates with existing brand channels, creating a smooth customer experience from buying new products to trading in used ones. The company has partnered with notable brands like Arc’teryx, Patagonia, and lululemon, which have successfully attracted new customers through their resale offerings. Trove's goal is to help brands tap into the second-hand market, enhancing customer engagement and increasing lifetime value.

Simplify's Take

What believers are saying

• Trove's acquisition of Recurate expands its resale platform and brand partnerships.
• High-profile brands like Patagonia and lululemon use Trove's technology, indicating market trust.
• Trove's Series D funding of $77.5M supports further technological advancements and growth.

What critics are saying

• Increased competition in resale technology could dilute Trove's market share.
• Consumer privacy concerns may lead to regulatory scrutiny of Trove's SaaS operations.
• Integration challenges from acquiring Recurate could disrupt Trove's operations if not managed.

What makes Trove unique

• Trove uses AI to enhance professional networking and team productivity.
• Trove's resale platform integrates computer vision and machine learning for optimal item pricing.
• Trove offers a branded resale storefront, enhancing customer loyalty and lifetime value.

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Funding

Total Funding

$140.1M

Below

Industry Average

Funded Over

5 Rounds

Notable Investors:

Accel

Notable Investors:

Accel

$30,000,000

Series E

Aug 2023

Series E funding typically includes additional rounds after Series D if the company needs more capital. The business is usually stable, and these rounds are typically used for further expansion or to address market challenges.

Series E Funding Comparison

Below Average

Industry standards

Ind Avg. $100M

$30M

$30M

$245M

$250M

$1250M

$1500M

View all funding stages