“This additional funding will help Optoro scale our operations and technology,” Moore said in a statement.
The financing gives the company confidence to “seize big opportunities when they arise,” said Robert Latchford, Optoro’s chief financial officer.
The company hasn’t disclosed the names of its customers, only saying that it serves some of the nation’s largest big-box retailers.
Optoro has 200 employees and the company plans to hire around 40 more by the end of the year, spokeswoman Carly Llewellyn said in an e-mail. The company’s warehouse is located in Lanham, but it also has office space in the District’s Chinatown neighborhood.
Moore and Vitarello were recently named regional winners of Ernst & Young’s 2015 Entrepreneur Of The Year award, in the emerging/growth category.
Optoro designs software that lets retailers manage excess and unsold inventory and direct them to online sites such as eBay and Amazon, where they can be sold for lower prices. The company also runs its own e-commerce site, known as Blinq.