Ghost, a business-to-business marketplace for surplus inventory, has secured $30m in Series B funding round, taking its total fundings to $68m.

The funding was led by venture capital firm Cathay Innovation, while existing investors Union Square Ventures, Equal Ventures and Eniac Ventures joined the round.

The company will leverage proceeds from the financing to create several roles in product, engineering and design.9

In addition, Ghost will further develop its platform to address the increasing demand.

Launched in 2021, the members-only marketplace allows brand sellers to monetise their surplus inventory discreetly and efficiently to buyers.

In July last year, Ghost secured $20m in Series A that helped accelerate its growth.

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The company saw its uploaded inventory increase by 500%, while its gross merchandise value run rate rose more than ten times year-over-year.

Currently, Ghost has more than 1,000 members on its platform, including leading brands and retailers in apparel, footwear, beauty and home goods categories.

Ghost co-CEO Josh Kaplan said: “We are leveraging data science and technology to solve a problem that has previously been addressed with phone calls and fax machines.

“Our alpha is the ability to predict everything from market pricing to sell-through, which is extremely powerful information for our customers. 

“Through our team’s deep expertise in the retail sector, Ghost has gained the trust of global brands across fashion, beauty, footwear, home goods and more. We are expanding our reach across the globe and connecting more of the world’s best retailers than ever before.”