Optoro announced it has raised $50 million in funding for its cloud-based platform for returned and excess inventory.

Kleiner Perkins Caufield & Byers (KPCB) and Generation Investment Management (Generation) led the Series C financing round, with participation from existing investors Revolution Growth, Grotech Ventures and SWaN & Legend Venture Partners. KPCB partner Daniel Oros will join Optoro’s board of directors.

The Lanham, Maryland-based assest recovery solutions provider said it plans to use the additional funds to scale additional partnerships and expand into new markets. The company hopes this strategy will bring new retailers and consumers to its platform.

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Optoro works with retailers and manufacturers to manage and sell excess and returned inventory. According to the company, roughly 15 percent of all goods are either returned or become excess.

“The returns industry is poised to be disrupted by technology and Optoro’s proprietary software and solution is leading the way,” said Tobin Moore, CEO and co-founder of Optoro, in a statement. 

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