“We launched the earliest inception of Optoro after college in 2004 in a garage and then a storefront in Georgetown, so bringing our corporate operations back to D.C. is a homecoming of sorts,” said Tobin Moore, CEO and co-founder, Optoro.
Washington, D.C. (PRWEB) September 20, 2013
Optoro Inc., a technology company that enables retailers and manufacturers to increase revenue from returned and excess inventory through their e-commerce platform that offers great product deals to consumers, today announced the opening of its Washington, D.C. office.
The 13,000 square foot space is located in Chinatown and will be home to Optoro’s technology, finance, marketing, customer service and business development operations. The company selected the prime location in the heart of the city as they grow their business operations to roughly 100 people; bringing the total number of people employed in the D.C. area to 150.
“We launched the earliest inception of Optoro after college in 2004 in a garage and then a storefront in Georgetown, so bringing our corporate operations back to D.C. is a homecoming of sorts,” said Tobin Moore, CEO and co-founder, Optoro. “D.C. is also a strategic move for us. As we continue to scale the business, we know that the city’s increasing focus on technology companies and its vibrant tech community will give us stronger access to technology talent that will help us continue to grow and evolve.”
Added Adam Vitarello, COO and co-founder of Optoro, “Having grown up in D.C. with Toby, we're very excited to open an amazing new office in our hometown. We've seen firsthand how much the District has progressed and turned into a major technology hub and we're eager to contribute and give back to the city we love.”
Started in 2008, Optoro has become the leading solution for big-box retailers looking to offload and resell excess or slow-moving inventory or damaged-box goods or returns. What sets Optoro apart from others in the reverse logistics industry is cutting-edge, custom-developed software that combines online marketing expertise with a full suite of business intelligence tools, which allows them to efficiently process and resell high volumes of product.
“We see huge opportunity for Optoro as the company continues to attack a roughly $150B market segment that has yet to be transformed by the Web,” said Ted Leonsis, co-founder of the Revolution Growth fund. “As Optoro continues to accelerate its growth, having a presence in the heart of the DC technology scene will help the company acquire critical talent it needs to scale.”
Optoro has seen the interest in and validation of its technology and business model grow in recent months—securing $23.5 million in Series B funding in July led by Revolution Growth. The company also kicked off the year with $7.5 million in Series A funding led by Grotech Ventures. Grotech also participated in the most recent investment round. Optoro is using the investment to scale its Software as a Service (SaaS) business and its OptiTurn marketing platform.
“We welcome Optoro to the District of Columbia,” said Mayor Vincent C. Gray. “Their presence in the city will afford the company access to elite and expanding technology talent and resources. The District is well on its way to becoming the largest technology hub on the east coast and companies like Optoro are helping to make that vision a reality.”
Optoro is hosting an invite-only Open House and Ribbon Cutting tonight at its new D.C. office, located at 702 H St. NW. Mayor Vincent C. Gray, Councilmember Jack Evans and Revolution Growth Co-founder Ted Leonsis will be on hand to celebrate the company’s expansion into the District. Media may RSVP to optoro(at)speakerboxpr(dot)com.
Founded in 2008, Optoro’s mission is to be the leading market solution for returned and excess goods, providing superior value for buyers and sellers across the world. Through their cloud-based, multi-channel selling technology, online remarketing expertise, and full suite of business intelligence tools, they offer their clients the optimal solution for managing and selling their returned and excess inventory. Since its founding, Optoro’s focus has been on using cutting edge technology and access to the world’s online marketplaces to drive higher recovery rates, quicker turn-times, and more transparency for their client’s goods. Optoro can be found online at http://www.optoro.com.