Inturn, an inventory and off-price technology firm, said today that it moved its headquarters one block away from its previous office to a larger space in Manhattan’s Chelsea neighborhood to accommodate rapid growth. The move follows a $22.5 million Series B financing round led by B Capital Group announced earlier this year.
Founded in 2013, the company has grown to nearly 50 employees and plans to accommodate up to 70 more in its new 11,000 square foot space. Brands and retailers spanning over 40 countries worldwide sell excess inventory to buyers via Inturn’s platform, which streamlines processes through privately controlled offerings.
Inturn has reduced product sales time frames by 80 percent and buyers have bought up to 25 percent more units due to the solution’s ability to display product offerings and simplify workflow. The off-price market is a $700 billion sector, according to the company.
Ronen Lazar, the chief executive officer and cofounder of Inturn, said “Inturn’s rate of growth is accelerating as more retailers and brands turn to our platform to innovate and automate their excess inventory processes. These new headquarters bring us the right resources and collaborative environment we need to not only keep pace with growing demand, but to evolve our technology to drive further industry transformation.”
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