Returns Startup Revere Adds 7.5 Million with Y Combinator

Online Income Management Startup to consider Announcing the closure A round of funding raising capital of 7.5 million euros Contributions were made by several investors, among whom the Spanish manager stands out World Endeavors and funding from a prestigious US startup accelerator Y connectorIn addition to one of the scouts working for the Historical American Institute’s early stage project Sequoia. The company, which has its operational headquarters in Barcelona but is based in the US (Delaware) during the financial year, seeks to improve post-sales processes for online purchases.

The company was created in 2021. Before launching a specific product, they raised almost a million euros in an expansion announced months later with two related partners: Global foundersA German fund and co-founder of Glovo, which has participated in companies such as Revolut or Zalando, Oscar Bear. After entering the accelerator in the middle of last year Y connectorThe company has now announced the closing of a 7.5 million expansion.

And the company said that it will participate in this action Scout Fund de Sequoia. The historic Silicon Valley firm hires 'scouts’ – company founders or other profiles – looking for local startups to invest in. These 'inventors’ distribute the potential profits of the activity in the future. In Europe it has been around for over two years. The company offers $100,000 each to invest in early stages. The 'scout’ participating in the operation, whose name has not been released, The Spanish startup explains that it’s trying to „create a new category”..

According to the company’s own statistics, Has more than 120 clients, which operates in more than 40 countries. There are no accounts and the company refuses to provide economic data. This year 2023 is only to confirm that the income will multiply by five times. These come from all orders that go through your returns platform. In this sense, they emphasize it „Double digit million” will be the total trade volume. Its main focus will be on the European market. One of the founders, Marius Montmany, Coming from GlovoHe was the global head of logistics.

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With this platform they seek to streamline the complex revenue process for online stores. Fashion companies like Inditex have started charging due to the significant costs associated with it. Rever-like signatures Try integrating with the online store First, the offer Alternatives to avoiding full fund repayment. Otherwise, these are the people who usually advance money instantly without waiting for two weeks in that sector. They charge a commission for this service.

In addition to encouraging alternatives to income, they say they can reduce refunds by up to 45% with incentives for alternatives like product changes or gift cards ), customs administration, data analysis or purchasing trends. Now, it tries to recommend the most suitable products to the buyer.

A growing market

This is not a new segment for the market with 'Spanish DNA’ in startups. One of the important names Return, a company created in the United States by Spanish Eduardo Vilar and several years ago bought for more than 280 million euros the listed American fintech firm, which was founded by Max Levchin, the co-founder of PayPal. A year ago in Spain, the company return3 million euros were raised in an operation led by Spanish manager JME Ventures, which also operates in the returns market.

The online income market has very relevant numbers. In the United States alone, the total value of products returned by online shoppers in 2022 will be $212 billion. Globally, the number will grow 2% to 627,000 million this year, according to analyst firm eMarketer. Dollars. Although these are very high figures, this growth rate is lower than in previous years and according to its analysts, this is due to people returning to buying products in physical stores and retailers implementing new policies. Artificial intelligence technologies for image reduction.

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