BOULDER, Colo. (BRAIN) — The Pro's Closet, which sells used bike gear online, has raised another $4.5 million through two securities offerings disclosed in Securities and Exchange Commission filings made Friday.
The growth capital comes from existing investors Foundry and Ridgeline, along with an unnamed private investor. The company, founded in 2006, announced a $2.5 million investment in 2016 from Range Light LLC and a $9 million investment in 2017 from Foundry and Ridgeline.
The Form D filings show one investment of $3 million and another for $1.49 million.
The company recently announced it was leasing a new space in Longmont, Colorado, that will add 28,000 square feet to its operating space, for a total of 52,000 square feet. The company said it has tripled in both sales and employees in the past year.
"The Pro’s Closet is excited that their continued success is bringing additional investment interest," a spokeperson told BRAIN. The spokesperson said the new investment "will be used to help fund the operational requirements needed to meet consumer demand and to extend reach through market expansion."
Related: The January issue of Bicycle Retailer and Industry News includes a profile of TPC's recent growth and expansion plans. Subscribers will receive the issue soon after Jan. 1.
