B2B inventory marketplace Ghost secures $30M Series B to expand outside the US
Ghost, a B2B marketplace that allows for the sale of surplus inventory, has secured a new round of funding worth $30 million in Series B capital. Founded by Josh Kaplan and Dee Murthy, Ghost’s exclusive platform has been in operation for a year, having previously raised $20 million in Series A funding. The marketplace is designed to cater to brands and retailers looking to discreetly sell, buy, and ship excess merchandise, utilizing a data-driven engine that improves item discovery and conversion rates. The platform includes many items, including fashion, beauty, footwear, and home goods.
Throughout that period, the organization expanded its workforce and boosted its membership count to over 1,000 members. The amount of inventory uploaded to the marketplace skyrocketed by 500%, and the year-over-year gross merchandise value run rate grew by more than ten times.
According to Kaplan from Ghost, a new Chrome extension has been developed to help buyers check if a product is available on Ghost while browsing consumer websites. They can directly request the product from the company if they still need to.
Kaplan has developed a Chrome extension from Ghost to aid individuals in determining if a product is available on Ghost while browsing consumer websites. If the product is not available, consumers can request it directly from the company. In an interview, Murthy stated that Ghost has been educating brands and retailers on how data and technology can make their processes more efficient. As traditional methods have not been effective for many, they have been open to trying something new. The timing of this business works well with current trends in the retail industry.
Ghost, a startup that helps businesses with their website design and development, has recently raised $68 million through its Series B round. Cathay Innovation led the round, which included existing investors Union Square Ventures, Equal Ventures, and Eniac Ventures. The co-CEOs of Ghost, Kaplan, and Murthy, plan to use the funds to hire for various roles in product, engineering, and design, expand into the US, Europe, and Asia, and further develop their product with automation and personalization features. Simon Wu from Cathay Innovation will join Ghost’s board of directors as part of the investment.
According to Kaplan, most of our product teams specialize in personalization and utilizing artificial intelligence to generate customized experiences for each user. This will be our strategy in the future, as AI will be used to produce tailored dashboards for each buyer and optimize gross margins on sales.