TrustClarity raises $300k in pre-seed funding to bring its connected storefront platform to market using blockchain technology
A recent IHL research report found that about $1.75 trillion are lost to the “Ghost Economy” of overstocks, excess inventory, out-of-stocks, and sales returns. One tech startup set out on a mission to address this problem and simplify the sale and resale of new, excess, and refurbished inventory — keeping products in use and out of landfills.
TrustClarity is a Chicago-based tech startup that creates turnkey B2B storefronts to provide companies with a simplified, trusted, and sustainable way to sell and buy, new, refurbished, and excess inventory. “Long product delivery times and fluctuating customer forecasts often cause companies to over-order inventory, resulting in high volumes of new and excess products moving to landfill waste.
Still in a stealth mode, TrustClarity today announced that it has closed a pre-seed funding round of $300,000 in pre-seed financing to fund the development of the platform, continued onboarding of customers, and launch activities. Backers include Baskar Puvanathasan (Co-founder at PagerDuty), Ninetwenty Capital, Sim Nation, Vel Investment Holdings, and CRS Recycling Services, along with angels who are former senior executives in the enterprise telecom and logistics industries.
Founded by Sujee Jeganathan, TrustClarity is a B2B software as a service (SaaS) storefront platform. TrustClarity utilizes Web 3.0 and blockchain technology to create connected storefronts in a fast, easy, and trusted manner, for new and excess inventory.
“We recognized this industry challenge and developed a platform to better connect buyers and sellers, who are supportive of the circular economy and encourage the redeployment of unused and excess inventory. We did this by leveraging cutting edge technologies to create inter-connected customer storefronts that help to expedite the search, payment, and delivery of trusted products,” said Sujee Jeganathan, TrustClarity’s Founder & CEO.
The TrustClarity marketplace is relevant across a variety of B2B industries and initially has a focus on the Telecommunications and Energy sectors. It is uniquely positioned to help companies who frequently purchase or sell products with long product delivery times, high minimum order quantities, and fluctuating market demands, often resulting in excess inventory.
“When I first spoke to Sujee about TrustClarity, I immediately saw the market potential in helping sellers create connected storefronts. The platform addresses some of the many pain points in our industry. We did not hesitate to both invest and become a customer,” said Bennett Duval, Managing Partner at CRS Recycling Services.