Returns software Rever raises €7.5 million
Spanish returns management software provider Rever has raised 7.5 million euros in a seed funding round. The capital injection will be used to fund the startup’s growth and international expansion. The company will be adding AI-powered functionalities to its offer later this year.
Rever is a startup based in Barcelona. Its platform allows merchants to manage returns with real-time data on return requests, refunds and exchanges. It also automates a large part of the returns process. The founders came up with the idea during the pandemic as ecommerce in Spain grew exponentially. They suspected that the growth would result in many returned items.
For many online sellers, returns are a challenge. In May last year, Inditex (owner of brands like Zara, Pull & Bear and Bershka) implemented a fixed fee for online returns in 30 countries. H&M has also started testing paid returns. And in Switzerland, a motion to charge the return of goods was discussed in the National Council.
Rever wants to offer a solution to this challenge. Its platform can be integrated with ecommerce software. According to the company, it has a focus on maximizing retained sales value. Merchants can generate more revenue through exchanges and store credit.
Funding will drive company growth
Currently, the company has 120 clients. It is active in Europe, the United States and Latin America. With the new funding round, the startup wants to expand into new markets. It is also launching AI-powered functionalities, which will suggest alternative products based on a customer’s previous purchases and preferences.
‘The capital infusion helps us develop our platform, strengthen partnerships and scale our operations.’
“We are excited to team up with forward-thinking investors who share our passion for shaping the future of ecommerce and our mission to bring hassle-free, sustainable returns to everyone, anywhere, anytime, contributing to a seamless shopping experience”, said co-founder Oriol Hernández i Fajula. “This capital infusion empowers us to further develop our platform, strengthen our partnerships, and scale our operations.”