REVER, the pioneering startup redefining the landscape of ecommerce returns with its seamless and innovative process, announces the successful closure of its seed funding round, securing an investment of 7.5 million euros in its first year. Spearheaded by industry-leading investors such as Y Combinator, Mundi Ventures (who has Klarna and Returnly in their portfolio), Barlon Capital, and Sequoia’s Scouting fund, alongside a cohort of renowned national and international investors, this landmark funding milestone propels REVER towards its next phase of transformative growth and global expansion.
With this funding round, REVER mission is to lead the next transformation of eCommerce and shape the future of the space. According to a Scout at Sequoia for Southern Europe: “REVER is redefining the landscape of eCommerce with its innovative approach, creating a new category with its visionary approach. It goes beyond offering a new feature or product; it represents a company poised to make a lasting, multi-generational impact”.
Redefining ecommerce Returns: empowering sustainability and seamless experiences
Today’s return process is slow and complex. REVER’s platform is specifically geared towards B2B ecommerce operations, and is designed to make the returns process frictionless and quick for customers, while making the operations more efficient for retailers.
REVER empowers ecommerce businesses to provide a game-changing customer experience that drives higher conversion rates and builds customer loyalty and retention. Moreover, the platform helps online shops reduce refunds by up to 45% through tailored product solutions that incentivize customers to opt for exchanges or gift cards instead, while also optimizing the operation flow and logistics costs.
“Our goal is to revolutionize the way the world buys online. Returns are just the first step towards a more personalized and frictionless shopping experience. At REVER, we are leading the change of eCommerce by giving superpowers to shoppers and with this funding round, we will get closer to our mission,” says Màrius Montmany, co-founder of REVER.
One of the company’s standout features is the system’s ability to offer customers instant refunds, eliminating the lengthy wait times that currently average around 10 days. By prioritizing speed and efficiency, the startup ensures that users receive their refunds promptly.
But REVER’s comprehensive return solution goes beyond mere refunds. It automates the entire process for merchants, including label generation, refunds, logistics negotiation, customs administration, and provides valuable analytics on customer behavior and purchasing trends. With REVER’s plug & play integration, ecommerce platforms can seamlessly integrate the solution with minimal technical effort.
Furthermore, the startup is actively developing an AI-powered functionality that suggests alternative products based on customers’ previous purchases and preferences. This exciting feature is set to launch later this year, further personalizing the shopping experience.
As Oriol Hernández i Fajula, co-founder of REVER points out: “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. This capital infusion empowers us to further develop our platform, strengthen our partnerships, and scale our operations”.
REVER is not only streamlining the return process but also forging a new category within the ecommerce sector, propelling the industry forward into a future of frictionless and sustainable returns.
Unleashing potential: REVER’s accelerated growth and international expansion
In its first year since inception, REVER has gathered a portfolio of over 120 clients and assembled a team of 25 talents coming from world-class scaleups and big corporations. With operations spanning across 40 countries in Europe, the United States, and Latin America, the company is helping retailers improve their returns worldwide.
Notably, REVER was crowned the Best European Startup of 2023 by the STAR Global Awards in Zurich and showcased its platform at the Mobile World Congress, solidifying its position as one of the most forward-thinking startups of the moment.
Looking ahead, the company plans to double its workforce and further expand its international presence, with a specific focus on asserting its leadership in Europe. With this new funding round, REVER is poised to continue developing cutting-edge technologies that empower ecommerce businesses to unlock their full potential by providing creative and innovative solutions that optimize resources, drive revenue growth, and enhance customer experiences.