Trove

Trove

Provides resale platforms for brands

About Trove

Simplify's Rating
Why Trove is rated
B-
Rated D+ on Competitive Edge
Rated A on Growth Potential
Rated B on Rating Differentiation

Industries

Consumer Software

AI & Machine Learning

Consumer Goods

Company Size

51-200

Company Stage

Series E

Total Funding

$144M

Headquarters

Brisbane, California

Founded

2012

Overview

Trove provides brands with technology to create their own resale platforms, catering to the growing demand for second-hand retail. Their system uses computer vision and machine learning to identify, price, and relist pre-owned items, ensuring they are sold at optimal 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 experience for customers from buying new to trading in used products. Notable brands like Arc’teryx, Patagonia, and lululemon have successfully implemented Trove's technology, expanding their reach in the second-hand market.

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Simplify's Take

What believers are saying

  • Trove's acquisition of Recurate expands its resale platform capabilities and market reach.
  • High-profile partnerships with brands like Patagonia and lululemon boost Trove's market presence.
  • Series D funding of $77.5M supports Trove's growth and technological advancements.

What critics are saying

  • Increased competition from new resale platforms may erode Trove's market share.
  • Technical challenges in integrating Recurate's solutions could disrupt Trove's operations.
  • Dependence on brand partnerships makes Trove vulnerable to shifts in brand strategies.

What makes Trove unique

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

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Funding

Total Funding

$144M

Below

Industry Average

Funded Over

5 Rounds

Notable Investors:
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

$100M
$245M
Stripe
$250M
Reddit
$1250M
Epic Games
$1500M
Airbnb

Growth & Insights and Company News

Headcount

6 month growth

0%

1 year growth

0%

2 year growth

0%
Women's Wear Daily
Aug 13th, 2024
Trove Acquires Recurate, Expands Resale Platform

Trove has acquired custom resale platform Recurate for an undisclosed amount, expanding its branded resale operations. Recurate’s cofounders, Wilson Griffin and Adam Siegel, will join Trove as VPs of sales and product, respectively. The acquisition enhances Trove’s offerings with peer-to-peer solutions and Shopify integration, aiming to create a comprehensive resale platform. Trove now commands over 75% of the branded resale traffic in the U.S., adding 29 new brand partners, including Steve Madden and Michael Kors.

The Bridge
Oct 15th, 2022
循環経済(サーキュラーエコノミー)ーー巨大なビジネスチャンスの理由と活躍するスタートアップたち

本稿は独立系ベンチャーキャピタルSTRIVEによるものを一部要約して転載させていただいた。原文はこちらから、また、その他の記事はこちらから読める。なお、転載元のSTRIVE Blogでは起業家やスタートアップに興味のある方々に向けて事業成長のヒントとなるコンテンツを配信中。投資相談はSTRIVE(公式サイト・Twitter)をチェックされたい. 近年、一層の注目をあつめる環境問題や気候問題。世界各国で発生する自然災害の主要因となるこれらの問題への意識は、国だけでなく民間企業、一般の人々の間でも高まっています。大量生産、大量消費、そして大量廃棄を生み出す経済社会に対する懸念が深まっていく中で、資源を持続可能な形で最大限利用し、廃棄を極力生み出さない「循環経済(サーキュラーエコノミー)」への移行が先進国を中心に進んでいます。

Street Insider
May 11th, 2022
Trove hired Gayle on Nov 11th 20'.

“Since Gayle joined Trove nearly 18 months ago, her contributions have been transformative.

Modern Retail
May 10th, 2022
G2 Venture Partners will invest into Trove in $77.5M on Aug 1st 22'.

Resale startup Trove, for example, announced a $77.5 million series D funding round led by G2 Venture Partners in August.

FashionUnited
Feb 17th, 2022
Allbirds Inc. partnered with Trove, Inc. on Feb 17th 22'.

Lifestyle brand Allbirds, Inc. has launched Allbirds ReRun, a new resale platform, in partnership with Trove, a recommerce company.

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