Cutline: A worker prepares a employed bike for resale at The Pro’s Closet facility in Louisville. Courtesy The Pro’s Closet
The Pro’s Closet, a licensed reseller of utilised bikes, e-bikes and parts, has shut a $40 million Collection B funding round that was led by The Chernin Team.
Current buyers Foundry Team, Edison Partners and Ridgeline also participated in the spherical, in accordance to info from the organization.
The Pro’s Closet has experienced a spike in revenue exercise during the initially quarter of 2021, with product sales doubling more than the same quarter of 2020. More than the earlier two decades, The Pro’s Closet’s earnings has much more than quintupled, and the organization expects to double in dimensions once more in 2021, the corporation claimed in a press release.
The organization strategies to use the funding to “cement The Pro’s Closet’s placement as the only scaled market that functions with just about every bike brand in the world. The funds will also allow for the corporation to expand functions and technological know-how teams with the purpose of employing innovative solutions and processes to advantage employees and buyers, as nicely as retail and production partners,” the corporation stated. The Collection B investment will also allow the corporation to broaden into new markets.
“We’re really psyched to use these cash to produce even much more really compelling activities and products and services for our buyers,” The Pro’s Closet CEO John Levisay stated in a statement. “The Pro’s Closet aims to carry the overall bicycle sector by boosting liquidity in the marketplace. A lot of industries have verified that a fluid and safe aftermarket for made use of equipment gains and grows the entire vertical. We feel that we can advance that goal by expanding our groups and capability to assist much more lovers obtain and provide bikes.”
“We have witnessed The Pro’s Closet’s explosive expansion above the past a number of many years and are really energized to spend in its increasing organization,” Luke Beatty of The Chernin Group explained in a statement. “In The Pro’s Closet, we see a revolutionary strategy to the bicycle getting and offering approach, a single that is buyer-centric and will be capable to assistance extra people today entry biking merchandise with better relieve and benefit than any other choice. We’re grateful to assistance its business enterprise improve and increase.”
The Pro’s Closet touts its method to reselling of used bikes, which contains a 141-position licensed pre-owned course of action, assured buybacks, and a 30-working day return coverage as tricks to its results.
“For numerous men and women, obtaining a bicycle is one of the largest transactions they will make in a supplied calendar year. Since of the technological complexity and expense of modern day bikes — primarily with the rising reputation of e-bikes — shopping for from an open up marketplace like Craigslist or eBay presents major possibility. The Pro’s Closet de-threats the overall process simply because all of the bikes we market have been completely inspected by our mechanics and are 100% confirmed,” Levisay reported.
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