Ugly Xmas Sweaters Get New Life
Soon those discarded Christmas sweaters and ties will have a home. Lanham, Md.-based Optoro is making its debut today and announcing it raised $7.5 million in series A funding from Grotech, SJF Ventures, and QED. The startup developed cloud-based remarketing software that posts returned, overstocked, and damaged box products on popular online marketplaces like eBay, Amazon, and Buy.com. The software uses big data sets and proprietary selling algorithms to match product pricing with market conditions. CEO Tobin Moore says holiday returns are expected to surge 37% over last year to $63 billion. Capital One co-founder and QED managing partner Nigel Morris and McLean Capital managing partner Dendy Young are advisors.