D.C.-based reverse logistics company Optoro has has an absolutely stellar 2013 already – they're even a finalist for our upcoming 50 on Fire celebration. But why not push it even further? The company announced Monday that it has extended its Series B funding, which they initially closed earlier in July, and in doing so will also bring on an additional board member.
A spokeswoman for Optoro would not specify the amount that Optoro raised, but she said it was a couple million. This latest funding comes from SWaN & Legend Venture Partners, a newer venture fund based in Leesburg, Va. This investment will be icing on the cake for the company's Series B funding from earlier this year of $23.5 million from Revolution LLC and Grotech Ventures.
In addition to the funding, Optoro will be taking on Tony Nader to sit on the company's board. Nader is a managing director with SWaN & Legend Venture Partners, founded as a joint firm in 2012 between SWaN Investors and Legend Ventures LLC. As well as his role at SWaN & Legend, Nader also is the vice chairman of NEWAsurion, a partner in Monumental Sports and Entertainment and a partner in the Washington Nationals.
"It has been a busy and successful year for Optoro and the funding that we’ve secured escalates the pace with which we can transform the reverse logistics market,” Optoro CEO Tobin Moore said. “We are pleased to welcome Tony to our Board. His deep knowledge of the retail industry, sustained corporate growth and experience building exception teams will be a tremendous asset as we grow Optoro.”
With the additional funding, Optoro hopes to continue scaling its Software-as-a-Service and OptiTurn marketing platforms. Currently, among some major retailers like Amazon and Best Buy and Optoro's own online marketplace, Blinq.com, the company helps clients skip the middle men selling directly to more than 500 million customers.
