The problem of surplus inventory is a logistical and financial headache, but for Josh Kaplan and Dee Murthy, it's a data problem. Their company, Ghost, is a private B2B marketplace that uses AI to match brands with excess stock to retailers looking for deals, aiming to replace opaque, offline broker networks with a scalable, data-driven platform [ghst.io]. Founded in 2021, the Los Angeles-based startup has now raised a total of $95 million, including a $40 million Series C led by L Catterton in late 2024, to build what it calls "intelligent infrastructure" for this massive, fragmented market [Fortune, 2024] [Cathay Innovation, Unknown].
The Wedge: From Apparel to Enterprise Infrastructure
Kaplan and Murthy are not technologists by training, but operators. They previously ran Five Four Group, a men's apparel holding company with several direct-to-consumer brands [TechCrunch 2022]. That experience gave them a ground-level view of the surplus inventory problem: the high costs of storage, the margin erosion from discounting, and the inefficiency of existing liquidation channels. Ghost is their attempt to productize that operational knowledge. The platform functions as a controlled, private network where sellers can list surplus goods and an AI system recommends them to a curated pool of qualified buyers, promising faster turnover and better recovery values than traditional bulk liquidation [ghst.io/privacy-policy]. The bet is that their domain expertise, codified into software, can become the default trading layer for a category that has stubbornly resisted digitization.
Funding a Scale Play
Ghost's rapid funding trajectory signals investor confidence in both the market size and the team's operator-led approach. The company moved from a $20 million Series A in mid-2022 to a $30 million Series B in August 2023, before closing its $40 million Series C just over a year later [TechCrunch 2022] [TechCrunch 2023] [Fortune 2024]. The lead investor on the latest round, L Catterton, brings a specific focus on the consumer and retail sectors, suggesting a strategic alignment beyond pure capital. The total disclosed capital of $95 million positions Ghost for a significant scaling push, evidenced by active hiring across engineering, finance, sales, and product roles [ghst.io/careers].
| Round | Date | Amount | Lead Investor |
|---|---|---|---|
| Series A | July 2022 | $20M | Undisclosed [TechCrunch 2022] |
| Series B | August 2023 | $30M | Undisclosed [TechCrunch 2023] |
| Series C | October 2024 | $40M | L Catterton [Fortune 2024] |
| Undisclosed | Unknown | $30M | Undisclosed [ghst.io/press] |
| Note: An earlier $30M round was announced but not detailed in press; total disclosed funding is ~$95M. |
The Competitive Landscape and Scaling Risks
Ghost operates in a competitive space with established players like B-Stock, which powers marketplaces for major retailers, and newer entrants like Syrup and Sotira. The differentiation claim rests on being "AI-native" and built for enterprise-grade speed and control from the outset [ghst.io]. However, the technical implementation and the proprietary data advantage are what will determine long-term success. The core technical challenge is twofold: building a recommendation engine that accurately values heterogeneous surplus goods (from apparel to electronics) and creating a matching system that balances velocity with price optimization for both sides of the marketplace.
- Data network effects. The platform's AI improves with more transaction data, but attracting that initial volume requires displacing entrenched offline relationships. The founders' apparel industry connections provide a wedge, but scaling into other verticals is a new data acquisition challenge.
- Liquidity management. A marketplace lives or dies by liquidity. Ghost must maintain a high ratio of ready buyers to seller listings to ensure quick sales, which requires sophisticated demand forecasting and potentially incentivizing buyer participation.
- Enterprise integration. For large brands, moving inventory is tied to complex ERP and warehouse management systems. Ghost's value increases if it can seamlessly integrate into these backend workflows, a non-trivial engineering and sales undertaking.
The current post-Series C hiring spree, particularly for engineering leadership, suggests the company is investing heavily to address these infrastructure demands [ghst.io/careers]. The real test will be whether their AI can consistently deliver better economic outcomes than the human-driven networks it seeks to replace, especially when dealing with the long-tail, unpredictable nature of surplus goods. If the data models fail to accurately predict sell-through or pricing at scale, the platform risks becoming just another digital bulletin board. For now, with nearly $100 million in backing and a team built by operators who have lived the problem, Ghost has the capital and the mandate to try.
Sources
- [ghst.io, retrieved 2026] Ghost Homepage | https://www.ghst.io/
- [ghst.io/privacy-policy, retrieved 2026] Ghost Privacy Policy | https://www.ghst.io/privacy-policy
- [Fortune, 2024-10-15] Exclusive: Ghost, B2B retail inventory marketplace, raises a $40 million Series C led by L Catterton | https://fortune.com/2024/10/15/exclusive-ghost-b2b-retail-inventory-marketplace-raises-a-40-million-series-c-led-by-l-catterton/
- [Cathay Innovation, Unknown] Behind the Term Sheet: Ghost’s $40M Series C | https://medium.com/cathay-innovation/behind-the-term-sheet-ghosts-40m-series-c-db5d7dccdb33
- [TechCrunch, 2022-07-19] Ghost appears with new funding for inventory marketplace | https://techcrunch.com/2022/07/19/ghost-marketplace-buyers-unsold-products/
- [TechCrunch, 2023-08-21] B2B inventory marketplace Ghost reappears with $30M Series B to expand outside US | https://techcrunch.com/2023/08/21/b2b-inventory-marketplace-ghost-30m/
- [ghst.io/press, retrieved 2026] Ghost Press | https://www.ghst.io/press
- [ghst.io/careers, retrieved 2026] Ghost Careers | https://www.ghst.io/careers