Optoro has raised $75 million in new funding, bringing the company’s total capital raised to $200 million. The company plans to expand the development and sales of its software, which is designed to facilitate returns and resales of merchandise for retailers, according to the Wall Street Journal.
“The return rate from e-Commerce sales is two to three times the return rate of brick-and-mortar, sometimes higher in fashion and apparel,” said Tobin Moore, Co-Founder and CEO of Optoro in a statement. “With the majority of retailers also paying for shipping on returns, it’s a major logistics cost.”
Optoro’s systems are deployed at 20 U.S. sites, and the company plans to add 10 new locations by the end of the year.
This funding round was led by Franklin Templeton Investments, a unit of Franklin Resources, with additional investments from new and existing investors including Revolution Growth, Generation Investment Management, Grotech Ventures, UPS Strategic Enterprise Fund and a large state pension fund.