The Nordic startup Renow has raised €1.8 million in seed funding to expand its AI-powered recommerce platform across Northern Europe. The startup plans to open new hubs in Sweden and Norway, and aims to launch in the Danish and Beneluxian markets.
Renow is modernising how returned and second-hand goods are handled and resold. It offers merchants a complete solution for product returns, encompassing remote inspections, grading, and resale. This service eliminates the need for merchants to invest in their own infrastructure.
It offers freemium software tools and access to a third-party logistics (3PL) network. This allows merchants to handle returns locally and rapidly resell products via Renow’s marketplace or customizable white-label outlet platforms.
Renow’s platform uses agentic AI to support merchants throughout the entire return and resale process. It helps customers initiate returns by collecting accurate data, assists warehouse teams in quality grading, and generates detailed product cards for resale. By reducing manual tasks, this AI layer speeds up processing and gives merchant better control over their inventory.
Kalle Koutajoki, co-founder and CEO of Renow, says:
Returns are a massive operational challenge for retailers. Returned products often spend months in warehouses, require manual quality grading, and are sold in bulk at poor prices. This means merchants lose money, and consumers don’t get access to nearly new products. Our vision is to eliminate middlemen in the traditional second-cycle supply chain and make recommerce mainstream. Our logistics process, AI-assisted quality assessment, and resale platform turn returns from a headache to a viable and cost-efficient opportunity for ecommerce platforms.
The European product return and second-hand market exceeds €160 billion annually, combining an estimated €70–80 billion in ecommerce returns and €94 billion in second-hand goods.
Renow addresses both segments by helping merchants reduce turnaround time and resell open-box products through a curated outlet. Items are resold with standard buyer protections, including a 12-month warranty. The platform also offers trade-ins, allowing customers to sell their own products for discounts on new items or receive cash returns.
The company takes a different approach from traditional models that depend on centralised logistics or bulk sales to wholesalers. By enabling decentralised processing through local third-party logistics hubs, Renow offers merchants faster turnaround times, reduced waste, and greater flexibility.
The round was led by Greencode Ventures, with continued support from existing investors Superhero Capital and Street Smart Capital.
Terhi Vapola, founder & managing partner at Greencode Ventures, commented:
The circular economy is vital for reducing waste, and Renow addresses this by efficiently re-selling returned goods. With a strong focus on electronics and hard goods, Renow's deep supply-side integration and automated operations position it well for the rapidly growing recommerce market, particularly in the Nordics.
Renow already supports well-known Nordic retailers and marketplaces with operations in Finland, Sweden, Norway, and upcoming launches in Denmark and the Benelux.
The new capital will be used to expand Renow’s platform and logistics partner network, as well as to grow its sales and product teams across Northern Europe.
Lead image: Renow
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