The Pro’s Closet Closes $12M Growth Investment, Co-led by Edison Partners and Foundry Group
September 9, 2020
Headquarters will also relocate to a 137,000 sq ft facility to meet demand and growth of operations.
(Boulder, CO – September 9, 2020) – The Pro’s Closet (TPC), the world’s largest and most trusted brand in pre-owned cycling, has raised $12 million in strategic funding led by Foundry Group and Edison Partners. Ridgeline Ventures and existing private investors also joined the round. The latest round of funding brings total investment in The Pro’s Closet to more than $27M.
TPC has seen more than 130% YoY topline revenue growth and expects similar YoY growth in 2021. To scale its expansion, TPC will move its headquarters and operations to a 137,000 square foot facility in Louisville, CO. This building is the former North American headquarters for Fjallraven and features 40,000 square feet of office space and 24 shipping bays.
“We’ve seen vertical marketplaces like jewelry, fashion, and luxury goods take off in the re-commerce marketplace. TPC owns the fast-expanding, high-end certified pre-owned bicycle segment. They’re introducing technology, efficiency, and buyer intelligence to a supply chain that previously didn’t exist. Given this transformative approach and the solid leadership at TPC, we are thrilled to join them as one of their partners,” remarked Ryan Ziegler, General Partner at Edison Partners.
“TPC is solving two meaningful industry challenges when it comes to purchasing a bike online: trust and selection. The team continues to focus on providing the highest level of service to customers and the results show this commitment is paying off. Foundry Group is really excited about this next chapter as TPC continues to scale quickly,” added Chris Moody, Partner at Foundry Group.
Since its founding in 2006, The Pro’s Closet has redefined the secondary bicycle market, working to lower barriers for purchasing pre-owned bikes and components. An unparalleled selection of high-quality road, mountain, gravel, cyclocross, triathlon, and e-bikes coupled with innovations like Certified Pre-Owned, Guaranteed Buyback, and Carbon Frame Warranty continue to differentiate TPC and drive customer loyalty.
The Pro’s Closet CEO and Founder, Nick Martin, stated, “We are extremely fortunate to have such an amazing group of investors, and the addition of Edison Partners alongside our long-standing relationships with Foundry Group and Ridgeline makes for a dream scenario. It’s an honor to welcome Edison Partners and we value their support and knowledge as we continue to scale for the incredible opportunities before us.”
To support The Pro’s Closet’s facility transition and growth plan, Gregory Boucher recently joined The Pro’s Closet’s executive team as Vice President of Technology. Boucher has more than 18 years of experience in e-commerce product development and full-stack management and is assembling a top-tier tech team to manage this new expansion phase.
About The Pro’s Closet
The Pro’s Closet Inc. (TPC) is the world’s largest and most trusted brand for pre-owned bikes. TPC purchases new and pre-owned bikes and accessories from manufacturers, retailers, and individuals. Each bike undergoes a rigorous Certified Pre-Owned inspection and top-to-bottom service to ensure every bike is delivered in next-to-new condition. An innovative Buyback Guarantee gives customers full transparency by offering guaranteed trade-in values for 18 months after purchase. For information on The Pro’s Closet, visit www.theproscloset.com.
About Edison Partners
For more than 30 years, Edison Partners has been helping CEOs and their executive teams grow and scale successful companies. The firm’s investment team brings extensive investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, the Edison Director Network, and executive education programs, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. A team of experts in financial technology, healthcare IT and enterprise solution sectors, Edison targets high-growth companies with $5 to $25 million in revenue; investments also include buyouts, recapitalizations, spinouts, and secondary stock purchases. Edison’s active portfolio has created an aggregated market value exceeding $10 billion. Edison Partners is based in Princeton, NJ and manages more than $1.4 billion in assets throughout the eastern United States.
About Foundry Group
Foundry Group is a venture capital firm focused on investing in technology companies and the next generation of venture capital fund managers. In addition to providing the necessary venture capital to get a company up and running, Foundry Group is committed to leveraging its experience in starting and growing companies, expertise in the technology industry, and network of relationships to help great entrepreneurs turn great ideas into great companies. Foundry Group is based in Boulder, Colorado, and invests in companies located across the United States and in Canada. For more information, visit www.foundrygroup.com.
Kristin Butcher | TRUE Communications | 720.278.8161 | [email protected]