Gazelle Raises $12M Series C Led by Physic Ventures
BOSTON - Boston-based Gazelle (www.gazelle.com), the nation's largest reCommerce service, announced today that Physic Ventures is leading its $12 million series C round of investment. Gazelle's current investors, Venrock Associates and RockPort Capital, have also announced their additional investment and participation in this round of financing.
Last year, Gazelle's business tripled as Gazelle attracted nearly 100,000 customers to trade in or recycle used electronics. Fueled by new equity, Gazelle will focus on scaling its business infrastructure to meet this rapid growth. The new funding also enables Gazelle to make additional investments in key areas of the business, including its proprietary pricing technologies and processes that continue to enhance the customer experience. Gazelle will also work with existing retail partners to build an in-store experience that brings reCommerce to physical retailer sites across the nation.
"Physic Ventures believes that providing tools and incentives for consumers to reuse, recycle, and engage in reCommerce can dramatically reduce the environmental impact of our modern lifestyles," said Andrew Williamson, a Director at Physic Ventures. "Gazelle's impressive growth demonstrates that consumers and manufacturers are rapidly adopting the concept of reCommerce as a way to cost effectively and environmentally upgrade consumer electronics. We look forward to working with the company's talented team and existing investors to help Gazelle continue this growth."
According to Gazelle co-founder and CEO, Israel Ganot, Physic Ventures' expertise in the field of sustainable living will help further Gazelle's vision of reCommerce. "Our goal is to redefine consumption and completely change the way consumers think about buying, owning, selling, and recycling electronics. By helping us bring reCommerce to more people and build infrastructure to support the back-end processes of the business, this financing will make this goal a reality."
This round of funding is the third in Gazelle's four-year history, with its last round in 2008, led by RockPort Capital. Since 2008, Gazelle has realized aggressive growth, adding a dozen categories and 200,000 products to build upon its well-respected customer experience. Gazelle has seen rapid expansion of its retail partnerships, including relationships with walmart.com, Sears, Kmart, Office Depot, and Costco.