Another Secures $2.5M Seed Funding to Revolutionize Retail Inventory Management
In the dynamic world of retail, managing unsold or excess inventory has long been a challenge, often leading to financial losses and operational inefficiencies. Recognizing this gap, Corina Marshall, a seasoned expert with over a decade in retail digital marketing, founded Another in 2024. This innovative startup aims to transform how retailers handle surplus products by integrating advanced technology into inventory management processes.
The Genesis of Another
Marshall’s extensive experience in the retail sector exposed her to the industry’s outdated methods of managing off-channel inventory—products that remain unsold through primary sales channels. Traditionally, retailers offload these items to discount outlets like Nordstrom Rack. However, this approach often results in financial setbacks due to the complexities involved in tracking and valuing dispersed products across multiple warehouses. The lack of real-time data and coordinated workflows further complicates decision-making, leading to suboptimal outcomes.
The prolonged intervals between each step of the off-channel inventory process make it challenging to direct products to the most advantageous destinations for brands and retailers, Marshall explained.
Introducing a Technological Solution
To address these challenges, Another offers a sophisticated software system designed to streamline the management of unsold or excess products. The platform seamlessly integrates with a retailer’s existing software infrastructure, including systems that handle customer returns. By centralizing data and workflows, Another ensures that all teams within an organization have access to consistent, real-time information, thereby enhancing the efficiency and effectiveness of inventory-related decisions.
Secondary markets, where surplus items are typically sold, operate under stringent timelines and experience fluctuating demand, leading to dynamic pricing structures. Success in such environments necessitates rapid access to up-to-date data and coordinated operations to facilitate the swift movement of products from retailers to warehouses and ultimately to stores. Another’s platform is engineered to meet these demands, providing retailers with the tools needed to navigate the complexities of secondary markets effectively.
Securing Strategic Investment
In a significant milestone, Another announced a $2.5 million seed funding round led by Anthemis FIL and Westbound. Marshall connected with these leading investors at an industry event in the previous year. The infusion of capital is earmarked for accelerating product development and expanding the team to support the company’s growth trajectory.
Marshall identifies marketplaces like Ghost, which also assist brands in selling unsold inventory, as competitors. However, Another differentiates itself by focusing on preemptive strategies to manage excess inventory before brands resort to bulk resellers. Selling to such resellers often results in significant discounts, an outcome that brands may prefer to avoid.
Another’s technology delivers real-time data and insights, empowering teams to make informed decisions about when, where, and how to move inventory. This approach enables smarter choices that maximize value, steering away from defaulting to liquidation, Marshall stated.
Balancing Profitability and Sustainability
Beyond financial considerations, Another is committed to promoting sustainability within the retail industry. Excess inventory, if not managed promptly, is often destroyed, contributing to environmental waste. By facilitating more efficient inventory management, Another aims to reduce waste and promote sustainable practices.
Consumers benefit from better prices and more options, while brands and retailers enhance profitability and minimize waste, creating a win-win scenario for all stakeholders, Marshall emphasized.
Looking Ahead
With the recent funding, Another is poised to further develop its platform, incorporating advanced features that address the evolving needs of retailers. The company plans to invest in research and development to enhance its technology, ensuring it remains at the forefront of inventory management solutions.
Additionally, Another intends to expand its team, attracting top talent in technology and retail operations to drive innovation and support its growing client base. By building a robust team, the company aims to provide exceptional service and develop solutions that are both effective and user-friendly.
Another’s proactive approach to inventory management positions it as a valuable partner for retailers seeking to optimize their operations and adapt to the rapidly changing market landscape. By leveraging technology to address longstanding challenges, Another is set to make a significant impact on the retail industry.
