Bike retailer The Pro’s Closet raises $12 million, moves headquarters to Louisville

LOUISVILLE — Online used bike retailer The Pro’s Closet has completed a $12 million funding round and is moving its headquarters from Boulder to Louisville.

The company said Wednesday that the funding, which was led by venture capital firms The Foundry Group and Edison Partners, brings the total investments in The Pro’s Closet to more than $27 million.

The Pro’s Closet will also move its headquarters from 2845 29th St., Suite C, in Boulder to the 137,000-square-foot space at 1900 Taylor Ave. in Louisville, which was formerly the North American headquarters for the outdoor brand Fenix, whose subsidiaries include Fjallraven. The Pro’s Closet will occupy 40,000 square feet and 24 shipping bays at 1900 Taylor, according to a press release.

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The Pro’s Closet was founded in 2006 by Nick Martin, who is still the company’s CEO. According to the company’s website, Martin began by selling unwanted bike gear on eBay. Now, it sells through its own website and markets itself as the world’s largest retailer of used bikes. Its bikes are certified pre-owned, and its business model includes a guaranteed 18-month buyback for all bikes.

Representatives for The Pro’s Closet did not respond to requests for comment Friday.

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