CIT GAP Funds Virginia Founders Fund invests in Aravenda to
Richmond, Virginia, September 29, 2021 (GLOBE NEWSWIRE) – The Center for Innovative Technology (CIT) today announced that CIT GAP Funds, the direct investment program of the Virginia Innovation Partnership Authority (VIPA) has invested in Vienna , Virginia. based in Aravenda. Formerly known as Resale Global, Aravenda provides cloud-based software for resale, consignment and sustainable thrift stores, allowing them to turn their local stores into the world with just a few clicks. The startup will use the Virginia Founders Fund’s investment to continue improving its products as well as expanding its lead generation and customer support teams.
Most resale technologies today lack cloud-based capabilities and customer service platforms to expand business to a large online audience. Many small online sellers who do not have their own websites, as well as chains or multi-site stores, are stuck in a wait pattern in which they are unable to market their resale items. To address these challenges, Aravenda provides a fully integrated software solution for consignment inventory management and online e-commerce presence that is linked to Shopify POS.
“We’ve been in the consignment business for years, where half of our board of directors and investors own and operate consignment or resale stores. Through this experience, we understand that every resale business is unique and that their needs depend on the industry in which they operate. Our logging software uniquely aligns with these features and is customized to suit individual business goals. said Carolyn Thompson, President and CEO of Aravenda. “In order to thrive in an increasingly competitive e-commerce and social media marketplace, we’ve created an easy-to-use cloud solution that allows you to take your small (or large) business to the next level. We are delighted to have the support of CIT GAP Funds and look forward to our next phase of growth. “
Aravenda’s advanced technology allows customers to manage their entire resale inventory online. Aravenda customers resell all types of items including cars, sporting goods and collectibles, art, clothing, shoes, furniture, antiques, and more. Aravenda’s internal implementation and technical support team manages all aspects of a client’s needs, including website configuration, data conversion, software updates and maintenance. Over the past month, Aravenda launched a new partner feature called JoltPost, which allows Shopify stores to post in-stock items directly to their Poshmark Closets and Tradesy accounts without having to re-enter photos or descriptions. This saves a lot of time and effort for business owners and social media sellers.
“Resale is the fastest growing segment of retail, but today’s technologies are outdated and inefficient. Aravenda has the opportunity to make a difference in this growing space by providing small businesses with more resources to reach more consumers, both nationally and internationally ”, said Jennifer O’Daniel, Senior Director of Investments, CIT GAP Funds. “With leaders bringing their vision to life and a platform that already has a global presence on 4 continents with a variety of resale categories, we are excited to follow their journey as they continue to grow and have a positive impact on the industry. “
Launched in 2018, the Virginia Founders Fund (VFF) shines a light on the creativity and impact of entrepreneurs from communities in Virginia traditionally underserved by venture capital. Through VFF, CIT GAP Funds has committed over $ 3 million of its returns for reinvestment in Founders, Founders of Color, Veteran Founders and Founders located in regions outside of Northern Virginia, seeking to maximize at the both economic development and the imperatives of social equity of the Republic.
For more information, please visit: https://www.cit.org/gap-investment-funds.html.
Aravenda is the best way to resell. In order to be able to thrive in an increasingly competitive e-commerce and social media marketplace, we’ve created an easy-to-use cloud solution that leverages Shopify. Aravenda enables you and your team to efficiently capture and track your shipper inventory, directly set shipper payments, and make your local business global with just a few clicks. We train your existing staff in just a few hours to post your entire inventory online so you can be open 24/7, regardless of your regular store hours. You won’t lose any of your regulars, but you will gain thousands of other customers that you would never reach as a mere physical retailer without an online presence. For more information, please visit: https://www.aravenda.com/.
About CIT GAP funds
CIT GAP Funds makes early stage equity investments in Virginia-based technology, clean energy and life science companies with high potential to achieve rapid growth and generate significant economic return for entrepreneurs, co -investors and the Commonwealth of Virginia. Since its inception in 2005, CIT GAP Funds has deployed $ 32.4 million of capital in over 240 holding companies, including 17 companies in designated opportunity areas. The investment decisions of CIT GAP Funds are guided by the CIT GAP Funds Investment Advisory Board (IAB). This independent third-party panel drew on the expertise of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In- Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric and Alpha Natural Resources. For more information, please visit https://www.cit.org/gap-investment-funds.html.
About the Virginia Innovation Partnership Authority (VIPA)
The Virginia Innovation Partnership Authority (VIPA) was created in 2020 to support the innovation lifecycle, from translational research; entrepreneurship; pre-seed and start-up financing, as well as acceleration, growth and commercialization, leading to the creation of new jobs and the formation of businesses. The Authority offers a collaborative, cohesive and consolidated approach that will help the Commonwealth identify its entrepreneurial strengths, including identifying the talents and resources that make the Commonwealth a unique place to develop and attract technology companies. The VIPA, with the CIT as the operational arm, brings together components of existing and new program activities in an approach where the whole is greater than the sum of the individual programs. The design of VIPA includes governance and management capacities to ensure that programs generate transformative and measurable results. For more information, please visit www.cit.org/vipa.
About the Center for Innovative Technologies (CIT)
Investing in Virginia’s Growth CIT, the not-for-profit operating arm of VIPA, accelerates next-generation technologies and technology companies through commercialization, capital formation and market development initiatives. The programs include | CIT GAP Fund | Commonwealth Research Commercialization Fund (CRCF) | Commonwealth Marketing Fund (CCF) | Virginia Founders Fund | Smart communities | Cybersecurity | Unmanned Systems | SBIR / STTR Support (Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs) | Virginia Research Investment Fund (VRIF) | University partnerships | Mentoring and engagement of start-ups. For more information, please visit www.cit.org. You can also follow CIT on Twitter, LinkedIn and Facebook.