Optoro Wins NVTC Hottest VC Deal Award

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After closing an extended Series B round in 2013, Optoro looks to expand and grow.

The Northern Virginia Technology Council (NVTC) honored Optoro with the Hottest VC Deal award at their annual Hot Ticket Awards. Award winners were announced at a ceremony at Redskins Park in Ashburn, VA on June 24, after a panel of locally and nationally recognized technology and investment experts judged all nominees.

Optoro completed a significant Series B round in 2013. Ted Leonsis’ Revolution Growth fund invested upwards of $25 million in July of last year, and the round was extended to include an investment from SWaN & Legend partners in November. Mr. Leonsis and SWaN & Legend’s Tony Nader have since joined Optoro’s Board of Directors.

Optoro CFO Robert Latchford, in attendance at the awards ceremony to accept the honor on behalf of Optoro, said, “We are honored that the NVTC chose to recognize Optoro for the strength of our deal, as well as the promise our company shows. Our entire team is responsible for making this deal possible and for the hard work leading into and out of such a significant raise.”

Optoro’s most recent raise was a significant up-round, and took a very short time to close. Investors saw this as a foothold in an enormous market – one that Optoro is seeking to revolutionize through their proprietary remarketing solution. Reverse logistics is a multi-billion dollar market, as well as an area of operations that has not seen much in the way of new solutions. Retailers deal with upwards of $200 billion in returns, leaving the door open for Optoro to continue to grow and attract more enterprise clients.

Additional sponsors of the 2014 NVTC Hot Ticket Awards included:

  • Smoking Hot Sponsors – BDO USA LLP; Cooley LLP
  • Steaming Hot Sponsors – Chase; Corporate Office Properties Trust; Gibson, Dunn & Crutcher LLP; HP; Principal Financial Group
  • Drink Cup Sponsor – RagingWire Data Centers
  • Media Partners – Capital Business; Washington Technology
  • Video Partner – g14media

About NVTC:

The Northern Virginia Technology Council (NVTC) is the membership and trade association for the technology community in Northern Virginia. As the largest technology council in the nation, NVTC serves about 1,000 companies from all sectors of the technology industry, as well as service providers, universities, foreign embassies, nonprofit organizations, and governmental agencies. Through its member companies, NVTC represents about 300,000 employees in the region. NVTC is recognized as the nation's leader in providing its technology community with networking and educational events; specialized services and benefits; public policy advocacy; branding of its region as a major global technology center; initiatives in targeted business sectors and in the international, entrepreneurship, workforce, and education arenas; the NVTC Foundation, a 501(c)(3) nonprofit charity that supports the NVTC Veterans Employment Initiative and other priorities within Virginia's technology community; the Equal Footing Foundation, a 501(c)(3) nonprofit charity that serves local area youth; and The Entrepreneur Center @NVTC, which mentors new technology entrepreneurs. Visit NVTC at http://www.nvtc.org.

About Optoro:

Officially founded in 2008 as a back-end solution for businesses looking to move excess inventory online, Optoro has delivered automation and analytics to allow retailers to connect with shoppers in a unique way, unleashing new profit streams for retailers and savings for shoppers. The company's proprietary, cloud-based software platform, OptiTurn, launched in February of 2011. In September of 2013, Optoro opened a corporate office in the vibrant Chinatown neighborhood of Washington, D.C., while maintaining a thriving operations headquarters just outside the city in Maryland. For more information, please visit http://www.optoro.com.

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Blair Capps
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