Barcelona-based Rever has raised €7.5 million in a seed funding round. The Y Combinator alumni startup allows shoppers to return any e-commerce purchased product in two clicks and receive a refund in just seconds. According to the startup, the capital will be used to fund the company’s growth and global expansion plans.
The €7.5 million seed round was provided by YCombinator, Mundi Ventures, Barlon Capital, Sequoia's Scouting Fund, and a host of undisclosed “national and international investors”.
Co-founder Oriol Hernández i Fajula explained that the idea behind the company was born during the pandemic as he and co-founder Màrius Montmany watched the explosion of e-commerce trading and thought, there are going to be a lot of returns.
So many returns, in fact, that last year, The Guardian reported that fast fashion e-commerce retailer Boohoo has joined the growing trend of merchants now charging customers a fee to return an item. Those days of “I’ll order both sizes, see which one fits, and then return the one that doesn’t” are quickly sunsetting.”
To add to the misery experienced by you, me, and everyone you know who’s ordered anything online, the wait to get your pesos back. According to Rever, the average time in Europe before you see the + sign on your bank account from said e-tailer is around 10 days. In stark contrast, 99% of returns operating over their platform are processed in less than 6 hours.
Set to launch later this year, Rever is now working AI-powered functionalities into its offer, ones that will suggest alternative products based on customers' previous purchases and preferences.
The company counts over 120 clients and is operational in some 40 countries in Europe, the United States, and Latin America.
"We are excited to team up with forward-thinking investors who share our passion for shaping the future of e-commerce and our mission to bring hassle-free, sustainable returns to everyone, anywhere, anytime, contributing to a seamless shopping experience,” commented Hernández i Fajula. “This capital infusion empowers us to further develop our platform, strengthen our partnerships, and scale our operations”.