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Optoro

Topic: Company

 From HandWiki - Reading time: 5 min
Optoro, Inc.
TypePrivately held company
IndustryComputer software, reverse logistics
Founded2004; 20 years ago (2004) (as eSpot)
FoundersTobin Moore
Adam Vitarello
Headquarters
Washington, D.C., U.S.
Key people
Amena Ali, CEO; Adam Vitarello, Chief Strategy Officer
Websitehttp://optoro.com/

Optoro is a reverse logistics technology company that works with retailers and manufacturers to manage and then resell their returned and excess merchandise.[1] These products, which range from consumer electronics to home goods to clothing, are automatically listed on online marketplaces, including Amazon, eBay, Buy.com, BestBuy.[2] Optoro also liquidates goods in bulk through its other proprietary website.[3]

History

Optoro was founded as eSpot Deals in 2004 by Tobin "Toby" Moore[4][5][6] while he was a student at Brown University.[7] The business was initially run out of an attic above the garage at Moore's house before opening a 1,200-square-foot storefront in Georgetown.[8] Moore and co-founder Adam Vitarello, now Optoro's president, opened one of the first eBay drop off stores in Washington, DC.[9] In 2008, the pair opened an office and warehouse in Lanham, Maryland, where they processed goods from retailers.[7] In 2010, eSpot Deals pivoted away from processing returns directly and incorporated as Optoro, Inc. Tobin and Adam were joined by CTO Jessica Szmajda,[10] and built a new plan to deliver technology solutions to retailers to handle their returned and excess goods. In September 2013, Optoro moved its corporate headquarters to a 13,000-square-foot office in downtown Chinatown, D.C.[11] In June 2016, Optoro moved again to an office space located in the Metro Center neighborhood of Washington, D.C., with double the square footage, holding around 160 people.[12] In February 2021, Optoro shut down its direct-to-consumer eCommerce website, blinq.com.

Products and services

Optoro's main product is a software-as-a-service called OptiTurn, which is used in retailers' warehouses to sort, process, and resell clients' returned and excess inventory.[13] The software tracks and dispositions inventory as it flows through a warehouse until it reaches consumers.[14] Using OptiTurn, workers mark the conditions of returned products as new, open box, refurbished, or used in good condition.[15] OptiTurn analyzes this, along with other product information, to divert items to the channel that will get retailers the most money back.[16] Possible dispositions include selling directly to consumers, reselling to wholesalers, returning to vendors for repair, donating, or recycling.[7]

OptiTurn lists products with a high resale value automatically on multiple online marketplaces under the BLINQ brand. The software will disposition other goods that will net a higher recovery when sold in bulk to be resold under the BULQ brand on BULQ.com.[3]

Environment

In March 2015, Optoro started a dedicated sustainability team to measure the transportation and waste impacts of the returns industry and the effects that Optoro's solution has on retailers' carbon footprints.[17]

Financing

In July 2013, Optoro received $23.5 million in Series B funding from three primary investors: Revolution LLC, headed by former AOL executives Steve Case, Ted Leonsis, and Donn Davis; Grotech Ventures; and SWaN & Legend Venture Partners, which was co-founded by Fredrick D. Schaufeld.[2][18] Optoro was Revolution Growth's fifth investment in its "speed-ups" investment fund, which was created to support the growth of newly formed companies and to widen the audience for their products.[18]

In December 2014, Optoro closed $50 million in funding in a Series C round led by Kleiner Perkins Caufield & Byers, a Silicon Valley venture capital firm, as well as Generation Investment Management, a VC company founded by Al Gore.[19] The financing from KPCB came from its Green Growth Fund.[20]

In July 2015, Optoro received $40 million in debt financing from TriplePoint Venture Growth and Square 1 Bank to support scaling its software and its consumer base.[21]

In December 2016, Optoro raised $30 million in Series D funding from UPS, Revolution Growth, Kleiner Perkins Caufield & Byers, Generation Investment Management, Tenfore Holdings, SWaN and Legend Venture Partners and the Maryland Venture Fund.[22]

Awards

  • 2013, Deloitte's Technology Fast 500, No. 278[23]
  • 2014, Deloitte's Technology Fast 500, No. 229[24]
  • 2015, Deloitte's Technology Fast 500, No. 308[25]
  • 2015, Washingtonian's 100 Top Tech Leaders, Tobin Moore and Adam Vitarello[citation needed]
  • 2015, CNBC Disruptor 50 List, No. 38[26]
  • 2015, Ernst & Young's Greater Washington's Entrepreneur of the Year in the Emerging Growth category, Tobin Moore and Adam Vitarello[27]
  • 2016, World Economic Forum's Ecolab Award for Circular Economy Enterprise[28]
  • 2016, Deloitte's Technology Fast 500, No. 266[29]

References

  1. ↑ Ng, Serena; Stevens, Laura. "Where Your Unwanted Christmas Gifts Get a Second Life". Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/where-your-unwanted-christmas-gifts-get-a-second-life-1451212201. 
  2. ↑ 2.0 2.1 Mitchell, Billy (November 25, 2013). "Optoro Gets More Funding, Adds Board Member". http://dcinno.streetwise.co/2013/11/25/optoro-gets-more-funding-adds-board-member/. 
  3. ↑ 3.0 3.1 Tabuchi, Hiroko. "In Season of Returning, a Start-Up Tries to Find Homes for the Rejects". The New York Times. https://www.nytimes.com/2015/12/29/business/in-season-of-returning-a-start-up-tries-to-find-homes-for-the-rejects.html. 
  4. ↑ staff, Michelai Graham / (2019-12-09). "Optoro lands a partnership with IKEA to reduce waste from returns" (in en). https://technical.ly/dc/2019/12/09/optoro-partnership-ikea-reduce-waste-from-returns-ecommerce/. 
  5. ↑ Andy Medici (July 7, 2020). "These D.C.-area tech firms have all raised $100M or more. They also got PPP loans.". https://www.bizjournals.com/washington/news/2020/07/07/optoro-fiscalnote-ppp-loans-tech.html. 
  6. ↑ Adams, Susan. "Optoro Is Building A Billion-Dollar Business Helping Companies Cope With A Glut Of Rejected Stuff" (in en). https://www.forbes.com/sites/susanadams/2017/09/26/optoro-is-building-a-billion-dollar-business-helping-companies-cope-with-a-glut-of-rejected-stuff/. 
  7. ↑ 7.0 7.1 7.2 Mirabella, Lorraine (December 13, 2014). "Handling Holiday Returns Helps Fuel Lanham Firm". The Baltimore Sun. http://www.baltimoresun.com/business/bs-bz-holiday-retail-returns-optoro-20141213-story.html. 
  8. ↑ Adams, Susan. "Optoro Is Building A Billion-Dollar Business Helping Companies Cope With A Glut Of Rejected Stuff" (in en). https://www.forbes.com/sites/susanadams/2017/09/26/optoro-is-building-a-billion-dollar-business-helping-companies-cope-with-a-glut-of-rejected-stuff/. 
  9. ↑ Ghiloni, Kate (September 4, 2005). "Four Task Masters to Make Life Easier". The Washington Post. https://www.washingtonpost.com/wp-dyn/content/article/2005/09/01/AR2005090101964.html. 
  10. ↑ Graham, Michelai (2020-12-02). "Power Moves: Jess Szmajda left her CTO role at Axios for AWS" (in en). https://technical.ly/dc/2020/12/02/power-moves-jess-szmajda-aws/. 
  11. ↑ Jacob, Allyson (September 20, 2013). "Reverse Logistics Firm Optoro Opens 13,000-square-foot Office in Chinatown Today". http://www.elevationdcmedia.com/innovationnews/optoro_092013.aspx. 
  12. ↑ Sernovitz, Daniel J. (December 24, 2015). "Optoro to expand with move to new D.C. office space". Washington Business Journal. http://www.bizjournals.com/washington/breaking_ground/2015/12/optoro-on-the-move-in-dc.html. 
  13. ↑ Lam, Bourree (December 30, 2015). "The Rise of Return-Anything Culture". The Atlantic. https://www.theatlantic.com/business/archive/2015/12/return-policy-retail/422145/. 
  14. ↑ Null, Christopher (December 22, 2015). "The Cure for Retailers' Holiday Returns Hangover". Rewrite. http://rewrite.ca.com/us/articles/application-economy/the-cure-for-retailers--holiday-returns-hangover.html. 
  15. ↑ Douglas, Dianna (January 1, 2016). "Maryland Startup Redirects River Of Rejected Gifts". NPR. https://www.npr.org/2016/01/01/461615668/maryland-startup-redirects-river-of-rejected-gifts. 
  16. ↑ Li, Shan (December 25, 2015). "A growing holiday pastime: returning those unwanted gifts". Los Angeles Times. http://www.latimes.com/business/la-fi-holiday-returns-20151225-story.html. 
  17. ↑ Bing, Chris (March 31, 2015). "Optoro Hires Sustainability Director, Joins Mayor's Smarter DC Challenge". http://dcinno.streetwise.co/2015/03/31/optoro-joins-smarter-dc-challenge-hires-sustanability-director/. 
  18. ↑ 18.0 18.1 Grant, Rebecca (July 17, 2013). "Revolution Growth Fund Invests $23.5M in Optoro to Find Unwanted Goods A home". https://venturebeat.com/2013/07/17/revolution-growth-fund-invests-23-5m-in-optoro-to-find-unwanted-goods-a-home/. 
  19. ↑ Shieber, Jonathan (December 9, 2014). "Turning Unwanted Goods Into New Sales, Optoro Raises $50 Million". https://techcrunch.com/2014/12/09/turning-unwanted-goods-into-new-sales-optoro-raises-40-million/. 
  20. ↑ Field, Anne (December 14, 2014). "Social Enterprise Optoro Raises $50M In Round Led By Kleiner Perkins". The Washington Post. https://www.forbes.com/sites/annefield/2014/12/14/social-enterprise-optoro-raises-50m-in-round-led-by-kleiner-perkins/. 
  21. ↑ Jayakumar, Amrita (July 28, 2015). "Optoro Picks up $40 Million in Debt Financing". The Washington Post. https://www.washingtonpost.com/news/on-small-business/wp/2015/07/28/optoro-picks-up-40-million-in-debt-financing/. 
  22. ↑ "Tech firm Optoro joins forces with UPS as part of $30 million investment". Washington Post. https://www.washingtonpost.com/business/capitalbusiness/tech-firm-optoro-joins-forces-with-ups-as-part-of-30-million-investment/2016/12/22/7dc0bb60-c7af-11e6-8bee-54e800ef2a63_story.html. 
  23. ↑ "Technology Fast 500". November 14, 2013. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/technology-media-telecommunications/us-tmt-2013-fast500-winners-brochure-020515.pdf. 
  24. ↑ "Deloitte's 2014 Technology Fast 500". December 11, 2014. http://www2.deloitte.com/content/dam/Deloitte/us/Documents/technology-media-telecommunications/us-tmt-fast-500-2014-winners'-brochure-121114.pdf. 
  25. ↑ "Deloitte's 2015 Technology Fast 500 Ranking". November 13, 2015. http://www2.deloitte.com/content/dam/Deloitte/us/Documents/technology-media-telecommunications/Technology-Fast-500-Winners-Ranking-List.pdf. 
  26. ↑ "Disruptor 50: No. 38 Optoro". 12 May 2015. https://www.cnbc.com/2015/05/12/optoro-disruptor-50.html. 
  27. ↑ Bousquet, Chris (June 19, 2015). "Optoro Co-Founders Win 2015 EY Entrepreneur Awards For Business Growth". http://dcinno.streetwise.co/2015/06/19/dc-tech-optoro-co-founders-win-2015-ey-entrepreneur-awards/. 
  28. ↑ Dumaine, Brian (January 19, 2016). "Winners of the Circulars Awards Announced at Davos". Fortune. http://fortune.com/2016/01/19/davos-circulars-awards-winners/. 
  29. ↑ "Deloitte's 2015 Technology Fast 500 Ranking". November 16, 2016. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/technology-media-telecommunications/us-tmt-2016-fast-500-winners-by-rank.pdf. 



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