Richmond, VA, Sept. 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, Va.-based Aravenda. Formerly known as Resale Global, Aravenda provides cloud-based software for sustainable resale, consignment, and thrift stores, enabling them to take their local stores global with just a few clicks. The startup will use the Virginia Founders Fund investment to continue enhancing its products as well as expand its lead generation and customer support teams.
Most resale technology today lacks cloud-based capabilities and customer service platforms to expand business to a wide online audience. Many small online sellers that don’t have their own websites, and chains or multi-location stores, are stuck in a holding 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 links with Shopify POS.
“We have been in the consignment business for years, where half of our Board of Directors and investors own and operate consignment or resale shops. Through this experience, we understand that each resale business is unique, and their needs depend on the industry they operate in. Our consignment software uniquely aligns with these characteristics and is customized to each business’ goals,” said Carolyn Thompson, President and CEO of Aravenda. “In order to thrive in an increasingly competitive eCommerce and social media market, we have created an easy to use, cloud-based solution that allows you to take your small (or large) business to the next level. We are excited to have the support of CIT GAP Funds and look forward to our next phase of growth.”
Aravenda’s up-to-date technology enables customers to manage their entire resale inventory online. Customers of Aravenda resell all types of items, including cars, sporting goods and collectibles, art, clothes, shoes, furniture, antiques, and more. Aravenda’s in-house implementation and technical support team handles all aspects of a client’s needs, including website setup, data conversion, software updates, and maintenance. In the last month, Aravenda has launched a new partner feature called JoltPost, which allows Shopify stores to directly post inventory items into 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, yet today’s technologies are out-of-date 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 domestically and internationally,” said Jennifer O'Daniel, Senior Investment Director, CIT GAP Funds. “With leaders that are bringing their vision to life, and a platform that has a global presence already in 4 continents with a variety of resale categories, we are excited to follow their journey as they continue to grow and make a positive impact on the industry.”
Launched in 2018, the Virginia Founders Fund (VFF) shines a light on the creativity and impact of entrepreneurs arising from Virginia communities traditionally underserved by risk capital. Through VFF, CIT GAP Funds has committed more than $3 million of its returns for reinvestment in female founders, founders of color, veteran founders, and founders located in regions outside of Northern Virginia, seeking to maximize both the economic development and social equity imperatives of the Commonwealth.
For more information, please visit: https://www.cit.org/gap-investment-funds.html.
About Aravenda
Aravenda is the better way to resell. In order to be able to thrive in an increasingly competitive eCommerce and social media market, we created an easy to use, cloud-based solution that leverages Shopify. Aravenda allows you and your team to efficiently enter and track your consignor inventory, directly set consignor payouts and take 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 no matter what your regular store hours are. You won’t lose any of your regulars, but you’ll gain thousands of other customers you would never reach as a single brick and mortar retailer with no online presence. For more information, please visit: https://www.aravenda.com/.
About CIT GAP Funds
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a 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 in capital across more than 240 portfolio companies, including 17 companies in designated Opportunity Zones. CIT GAP Funds' investment decisions are guided by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel has drawn from 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 established in 2020 to support the life cycle of innovation, from translational research; to entrepreneurship; to pre-seed and seed-stage funding, as well as acceleration, growth, and commercialization, resulting in the creation of new jobs and company formation. The Authority provides a collaborative, consistent, and consolidated approach that will assist the Commonwealth in identifying its entrepreneurial strengths, including the identification of talents and resources that make the Commonwealth a unique place to grow and attract technology-based businesses. The VIPA, with CIT as its operating arm, brings together components of existing and new program activities in an approach through which the whole is greater than the sum of the individual programs. VIPA's design includes governance and management capabilities to ensure that programs generate transformative and measurable results. For more information, please visit www.cit.org/vipa.
About the Center for Innovative Technology (CIT)
Investing in Virginia's Growth | CIT, the not-for-profit operations arm of VIPA, accelerates next-generation technologies and technology companies through commercialization, capital formation, and market development initiatives. Programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Commonwealth Commercialization Fund (CCF) | Virginia Founders Fund | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | Virginia Research Investment Fund (VRIF) | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.cit.org. You can also follow CIT on Twitter, LinkedIn, and Facebook.
