RetailExchange.com Secures $25 Million In Funding

Furniture World Magazine

RetailExchange.com, a leading online business-to-business exchange for excess consumer goods, announced that the company has secured an additional $25 million in financing. This round features a trio of new investors led by 3i, the world's largest venture capital company with almost $18 billion in investments. Joining 3i are Koch Ventures and Exeter Funds. Existing investors Internet Capital Group (ICG), Dorset Capital and Castile Ventures also participated. The company raised $19 million in its two previous rounds. Since its launch in February, the privately held excess goods exchange has raised $44 million. RetailExchange.com will use this financing, its equity partners' relationships and recently announced strategic partners to further broaden exchange membership, strengthen services and solutions and expand internationally. "3i's investment demonstrates our confidence in RetailExchange.com's leadership, value proposition and strategic direction. Having extensively analyzed the excess consumer goods market, we believe there will only be one winner - and that clearly is RetailExchange.com," commented Nelson Stacks, director of 3i and new member of RetailExchange.com's board of directors. "Raising capital from such pre-eminent investors validates our business model and vision, particularly at a time when capital markets are highly selective," said Kenneth S. Frieze, CEO and president of RetailExchange.com. "With their extensive global presence, 3i will provide valuable insight into our planned international expansion." Mr. Frieze continued, "As the premier online exchange targeted exclusively to the excess consumer goods market, RetailExchange.com has nearly 5,000 members, listed over $500 million in excess consumer goods inventory and facilitated millions of dollars in transactions."