Specialist pre-owned cycling retailer The Pro’s Closet (TPC) has raised a US$12 million growth investment, 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 US$27 million.
TPC has reported more than 130% year-on-year top-line 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, Colorado.
This building is the former North American headquarters for Fjallraven and features 40,000 square feet of office space and 24 shipping bays.
Since its founding in 2006, The Pro’s Closet has specialised in the secondary bicycle market, working to lower barriers for purchasing pre-owned bikes and components. The company cites…
‘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 to differentiate TPC and drive customer loyalty.’
The Pro’s Closet CEO and Founder, Nick Martin, said, “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 honour to welcome Edison Partners and we value their support and knowledge as we continue to scale for the incredible opportunities before us.”
“We’ve seen vertical marketplaces like jewellery, fashion, and luxury goods take off in the re-commerce marketplace,” said Ryan Ziegler, General Partner at Edison Partners.
“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.”
Chris Moody, Partner at Foundry Group, said “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.”
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.’
