As brands and retailers face the challenging and uncertain market, siloed inventory management is expected to become a practice of the past as companies such as Inturn deliver solutions to eliminate inefficiencies.
For its part, Inturn, an inventory solution company, expects retail market dynamics to help fuel demand for its platform due to a lack of a centralized inventory process. To meet that demand, the company said it received $22.5 million of Series B financing, which was led by B Capital Group.
Inturn operates as “an extension of an existing business” by streamlining processes and uniting systems in inventory management for brands and retailers, according to the firm. Ronen Lazar, a cofounder and chief executive officer of Inturn, told WWD, “We’ve seen the mind-set of innovation shift in a material way across the apparel and footwear space.”
“We recognize the opportunity to really accelerate and grow our team, grow our solution and expand geographically.” The financing will “allow us to expand globally into many different markets and really evaluate other categories and verticals at the same time,” Lazar said.
B Capital, an investment firm founded by Facebook cofounder Eduardo Saverin and Raj Ganguly, selected Inturn as its first investment in retail, which speaks to the brand’s timely and critical service for the retail sector.
Inturn’s solution has reduced product sales timeframe by 80 percent and buyers have bought up 25 percent more units than they would have otherwise due to the platform’s ability to display product offerings and streamline workflow, according to the brand. Inturn aims to help its clients operate “healthier” retail businesses for both enterprise and small brands in the U.S. and overseas as the off-price market is experiencing unprecedented international growth in Europe and around the globe, the firm said.
“This [Inturn] is really a necessary solution for anyone running a business as they look to gain insight into inventory in a proactive manner and to be able to effectively manage and monetize their inventory, which is clearly top of mind for everyone nowadays considering the market environment,” Lazar told WWD.
“This is a new chapter for our company and for our business and really for the industry because the more companies we can expand to support, hopefully the better their future is and the better they can operate their businesses,“ Lazar said.