What do the founders of Burlington Coat Factory, Gilt Groupe and Canadian off-price fashion chain Winners have in common? Apart from an innate understanding that most people hate to pay full price for anything, they’re all members of InTurn’s newly established advisory board.
The global B2B e-commerce platform—which allows brands to easily offload excess inventory to retailers in private online showrooms—on Thursday announced that it had completed a $9.7 million Series A financing round, bringing its total funding raised to date to $13.6 million.
The round was led by Novel TMT Ventures and included previous investors Forerunner Ventures, Lerer Hippeau Ventures and T5 Capital. Among the start-up’s new backers were Benvolio Group, the investment arm of Coach chairman emeritus Lew Frankfort and his family, and Khajak Keledjian, co-founder of Intermix.
In addition it assembled an advisory board comprising leaders in the off-price market, including: Michael Newman, former vice chairman and COO at Ralph Lauren; Burlington Coat Factory co-founder Stephen Milstein; Alexandra Wilkis Wilson, co-founder of Gilt Groupe; David Margolis, founder of Winners, a division of The TJX Companies; and Barry Gluck, former executive vice president of merchandising, marketing, store planning and allocation at Ross Stores.
Andrew Fine, a co-founder of and partner at Novel TMT, was named to InTurn’s board of directors.
“The retail industry is becoming more technologically innovative, which is evidenced by the interest of so many brands and retailers to adopt this very easy-to-use platform,” Ronen Lazar, InTurn’s CEO and co-founder, stated. “We are very pleased to have attracted such prominent investors and advisors with deep off-price retail, finance and technology expertise. InTurn’s growth exceeded our expectations during 2015 and we are looking forward to an even more exciting 2016.”
Fine added, “This is our most significant early stage investment ever. InTurn’s solution to improving inventory liquidity and recovery is the biggest opportunity we have identified in the past decade.”