Larkspur, CA-based Returnly is an interesting new fintech. They offer immediate return credits to store customers who have purchased an item online and wish to return it. What a great idea! I think of all the times I’ve purchased something online, and when it arrived and didn’t fit or didn’t quite work, what a hassle it was to return it and THEN I also had to wait weeks for the store credit to hit the credit card the item was originally purchased with. So frustrating!
According to their website, “Most online product returns result in lost sales and frustrated shoppers. It takes brands 21 days on average to process an order refund. That’s 21 days too late for 91% of shoppers who do not repurchase. With Returnly you can offer the simplest product returns experience, achieve amazing repurchase conversions at no-risk and increase free cash-flow and customer loyalty.”
While the $3.25M is a seed round, they are already up and running and have customers including Gwyneth Paltrow’s Goop, Fanatics, Russell Athletics, Shopify and Fruit of the Loom, amongst others, so they’re off to a great start.
Per their recent press release, “US online sales are projected to reach $391 Billion this year, and returns represent approximately 30% of all e-commerce sales. Returnly’s bet is that in this era of free shipping, same day delivery and instant gratification, Instant Refunds are soon to be part of online shoppers’ expectations.
This hasn’t gone unnoticed by the venture capital community, particularly those involved in the payments and retail verticals. Index Ventures’ Danny Rimer, a Returnly investor, says, “As more and more e-commerce brands start leveraging the returns experience as a competitive advantage, Returnly is well- positioned to help brands and marketplaces re-engage with shoppers at the time of return and create incremental commerce.” Other Returnly seed round investors include SV Angel, FJ Labs, Mundiventures and prominent Silicon Valley angel investors like Ariel Poler, who joined their Board of Directors.”
Total Equity Funding
$3.22M in 1 Round from 10 Investors
Most Recent Funding
$3.22M Seed on October 13, 2016