A discussion draft of the Online Sales Tax Simplification Act of 2016 is expected to be introduced in Congress soon.
RetailExchange.com, a business-to-business marketplace for overstocks, says it has completed a second round of venture capital funding totaling $8 million. The latest infusion brings the site's equity financing to $19 million overall. The investors--Internet Capital Group, Gordon Brothers Group, Dorset Capital and Castile Ventures--were also first-round backers.
RetailExchange, which launched last December, currently features more than $100 million in inventory listed by hundreds of sellers in four merchandise categories: home goods as well as women's, men's and children's apparel. Over the next 90 days, the company says it will expand into shoes, sporting goods, toys, health and beauty and other categories. "Retailers have invested heavily in internal systems to help run their businesses, but now they are recognizing that there's even more opportunity to improve both their margins and merchandise sourcing through Internet business-to-business transactions," says RetailExchange.com CEO Kenneth Frieze.