Boulder-based on-line used bike vendor the Professional’s Closet introduced Wednesday that it’s relocating its headquarters and operations to a 137,00-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 in the present day 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 elements 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 section,” Ryan Ziegler, of Edison Companions, mentioned in an announcement. “They’re introducing know-how, effectivity, and purchaser intelligence to a provide chain that beforehand didn’t exist.”
The funding will assist the corporate scale up, an effort made doable partially by a transfer out of the Boulder into a brand new residence a number of miles to the east in Louisville. The ability the Professional’s Closet is taking over, housing 40,000 sq. ft of workplace house and 24 transport bays, was previously the North America headquarters for Swedish outside put on model Fjällräven, Wednesday’s launch mentioned.
The transfer is meant to get underway in November, in line with a spokeswoman for the corporate.
The Professional’s Closet is prospering through the coronavirus pandemic. Whereas many brick-and-mortar bike retailers are coping with low provide amid surging demand, the corporate’s web site is repeatedly taking in 200 submissions a day from individuals trying to promote bikes, a spokeswoman mentioned.
The corporate is experiencing 130% year-over-year income development and expects related numbers in 2021, in line with Wednesday’s launch.
Associated ArticlesDecember 12, 2019
Yeti Cycles staying stationary after inking lease for extra space in Golden
June 15, 2011
Boulder on-line bicycle retailer Professional’s Closet sues competitor Gear Motion
March 8, 2016
Douglas County bike charity takes over biking experience fundraiser