Boulder-based on-line used bike vendor the Professional’s Closet introduced Wednesday that it’s relocating its headquarters and operations to a 137,000-square-foot constructing in Louisville after closing on a $12 million spherical of fundraising.
The Professional’s Closet was based in 2006 and markets itself right now as “the world’s largest and extra trusted model for pre-owned bikes.” Its on-line market permits guests to purchase, promote and commerce bikes and bike components with an emphasis on the high-end manufacturers.
In a information launch Wednesday, the corporate introduced that its $12 million in new strategic funding was headlined by commitments from enterprise capital companies Foundry Group and Edison Companions. The spherical brings complete funding within the firm so far to $27 million.
“TPC owns the fast-expanding, high-end licensed pre-owned bicycle phase,” Ryan Ziegler, of Edison Companions, stated in a press release. “They’re introducing expertise, effectivity, and purchaser intelligence to a provide chain that beforehand didn’t exist.”
The funding will assist the corporate scale up, an effort made potential partly by a transfer out of the Boulder into a brand new dwelling just a few miles to the east in Louisville. The power the Professional’s Closet is taking up, housing 40,000 sq. ft of workplace house and 24 delivery bays, was previously the North America headquarters for Swedish out of doors put on model Fjällräven, Wednesday’s launch stated.
The transfer is meant to get underway in November, in keeping with a spokeswoman for the corporate.
The Professional’s Closet is flourishing throughout the coronavirus pandemic. Whereas many brick-and-mortar bike outlets are coping with low provide amid surging demand, the corporate’s web site is recurrently taking in 200 submissions a day from folks seeking to promote bikes, a spokeswoman stated.
The corporate is experiencing 130% year-over-year income development and expects comparable numbers in 2021, in keeping with Wednesday’s launch.
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