In a significant move, members-only B2B marketplace Ghost has secured $30 million in Series B funding, boosting its total funding to $68 million. Cathay Innovation led the round, joined by existing investors such as Union Square Ventures, Equal Ventures, and Eniac Ventures. The new capital infusion will fuel talent acquisition in product, engineering, and design, while also driving platform enhancements to meet growing demand.
Rapid Growth Trajectory
Ghost’s trajectory has been impressive since its stealth emergence with a $20 million Series A in July 2022. Within a year, uploaded inventory has surged by 500%, the gross merchandise value (GMV) run rate has soared over 10 times, and the team has doubled in size. The platform now boasts more than 1,000 members, including top-tier global brands and retailers across categories like apparel, footwear, beauty, and home goods.
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Addressing a Crucial Industry Challenge
Surplus inventory has long plagued retailers and brands with limited liquidation options. In 2022, $500 billion of excess inventory was sold at discounted rates, a number expected to reach $830 billion by 2030. Alarming figures reveal over $163 billion is discarded annually. This challenge is exacerbated by supply chain disruptions and unpredictable demand.
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Unlocking Potential with Data and Access
Cathay Innovation’s Simon Wu praises Ghost’s transformative approach, emphasizing access as a game-changer. Ghost empowers sellers to optimize recovery rates and buyers to access premium inventory that was previously out of reach. This mutually beneficial approach expands opportunities for all stakeholders.
Founders’ Vision and Innovation
Co-founders Josh Kaplan and Dee Murthy, who experienced inventory challenges firsthand, launched Ghost in 2021. The platform acts as a discreet B2B marketplace where brand sellers can efficiently monetize surplus inventory to trusted buyers. By harnessing data science and technology, Ghost overcomes traditional barriers. The platform’s predictive capabilities, ranging from market pricing to sell-through projections, set it apart.
The partnership with Cathay Innovation leverages its retail expertise and connections, propelling Ghost’s reach across the US, Europe, and Asia. Co-CEO Dee Murthy emphasizes the collaborative growth trajectory.
TL;DR:
Ghost secures $30 million in Series B funding to propel its members-only B2B marketplace for surplus inventory. The platform has experienced exponential growth, offering solutions to surplus inventory challenges. Ghost’s data-driven approach and access-oriented model are reshaping the retail landscape and fostering global expansion.
Hi, I’m Oren, founder at BIGINTRO, a content strategy agency that helps B2B companies drive growth. We develop search, social, PR, and content marketing strategies tailored to business goals. I also have a dog named Milo.