The Pro’s Closet receives $ 40 million in funding

BOULDER, Colo. (BRAIN) – The Pro’s Closet said on Wednesday it has raised an additional $ 40 million in Series B funding that will be used to grow its workforce, develop new technology solutions for customers and potentially expand in new regions.

The certified used bicycle and component retailer said it was considering options to establish a presence outside of Colorado, but did not provide details. This is PTC’s largest round of funding. Last September, he raised $ 12 million and in December 2019, $ 4.5 million.

New investor The Chernin group joins existing investors Foundry group, Edison Partners, and Ridgeline Ventures for the last funding. Foundry and Ridgeline also invested in 2017.

“We are extremely pleased to use these funds to develop even more compelling experiences and services for our customers,” said John Levisay, CEO of The Pro’s Closet. “The Pro’s Closet aims to uplift the entire bicycle industry by increasing liquidity in the market. Many industries have proven that a smooth and secure secondary market for used equipment benefits and develops the entire vertical industry. and the ability to help more enthusiasts buy and sell bikes. “

The announcement follows TPC’s announcement of a doubling of first quarter year-over-year sales. He reports that incomes have more than quintupled in the past two years.

TPC is upgrading its programs at its headquarters in Louisville, Colorado, including expanding curbside pickup options. Other services, including assembly and repair, are now available through some partner resellers in other areas. This investment also helps grow its technology teams to benefit employees and customers, as well as retail and manufacturing partners. In addition, it will invest in creating a more inclusive workplace.

“We have seen the explosive growth of The Pro’s Closet over the past few years and are very excited to invest in their expanding business,” said Luke Beatty of the Chernin Group. “In The Pro’s Closet, we see a revolutionary approach to the process of buying and selling bikes, one that is consumer-centric and will be able to help more people access cycling products with greater ease. and value than any other option. grateful for helping their business grow and grow. “

Launched in 2006 as an eBay store, TPC offers 30-day, no-questions-asked certified used chassis returns and warranties. Its inventory includes road, mountain, gravel, cyclocross, triathlon and e-bike bikes, and sells throughout the United States and Canada.

Last September, TPC announced plans to move from its 24,000 square foot location in Boulder to the 137,000 square foot plant in Louisville, and the transition was completed in January. The former North American headquarters of Fjallraven outdoor equipment, the Louisville site includes 40,000 square feet of office space and 24 shipping bays.

PTC has a nationwide PCI exchange program. The program allows customers to submit their bikes for evaluation by taking two photos. TPC then offers a guaranteed trade-in price which can be redeemed at a participating bicycle shop. The program allows stores to accept an exchange without having to resell used products themselves.

A trade-in program with online retailer Competitive Cyclist allows Competitive Cyclist customers to receive a rebate on a new purchased bike when they trade in a bike to TPC. Giant Bicycles and Liv Cycling’s TradeUp program was announced last week in which an online voucher is given to the customer that they can apply through the Giant website as a click-n-collect option or redeem at a Giant’s authorized TradeUp dealer.

Zipp has a program that allows consumers to trade in their used Zipp wheels for store credit that they can invest towards the purchase of a new set of Zipp wheels. TPC offers stores trade-in value to offer the customer. If the customer opts for the exchange, a prepaid shipping label will be provided for the dealer to send the wheels to TPC, where they will be inspected and sold. TPC, not Zipp, will refund the store credit to the dealer.

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About Jeffrey Wurtsbach

Jeffrey Wurtsbach

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