BOULDER, Colo. (BRAIN) — The Pro's Closet has completed a $9 million round of funding. The investment round was led by Boulder-based venture capital firm Foundry Group with participation from Ridgeline Ventures, an existing investor in TPC. The company said the investment will fund the launch of "a leading edge, e-commerce-capable website, in addition to expanding the team and the company's infrastructure for servicing and reconditioning bikes before sale."
The Pro's Closet was founded in 2007 by Nick Martin, a former professional mountain biker, as an eBay consignment company, selling used bike gear on behalf of fellow racers. The company now has 40 employees and claims to be the world's largest retailer of used bikes and bike gear. Besides used gear, TPC sells overstock inventory for suppliers and retailers. Martin is the CEO.
Foundry Group is a venture capital firm focused on making early-stage technology investments, and participating in select growth rounds.
The new funding builds on a year of record growth for TPC, fueled by its bike purchasing and Trade-UP programs, in addition to industry partnerships with dealers and manufacturers. Martin said, "Our customers don't want the hassle of posting their bike to a dozen different marketplaces and waiting weeks for a possible sale. We provide the most accurate quotes and the easiest route for customers to unlock the value of their bike, and that's led to a tremendous increase in the number of retailers and manufacturers integrating with our Trade-UP program."
Foundry Group co-founder Seth Levine will join TPC's board of directors, which also includes Erich Tengelsen, founding partner of Ridgeline Ventures, Hass Hassan, a pioneer in the natural food industry, John Levisay, co-founder and CEO of Craftsy, and Martin.
