Managing returns online is one of the main pitfalls of electronic commerce. The process is expensive, and the terms of return of the product and of the money are never immediate. The Rever startup wants to solve these problems with software that ensures that it improves the efficiency of the different parts of the process.
The project was born last year and in a few months it managed to enter the Y Combinator incubator, the most prestigious in Silicon Valley. “Passing through their program helped us attract talent and be clear about the growth model,” say the founders Oriol Hernández and Màrius Montmany.
At the moment, the company is focused on Spain, although its ambition is to operate on a global scale. To undertake this objective – which will start with Italy, France, the United Kingdom and Germany – the company has just raised 7.5 million euros in an investment round led by the Silicon Valley Y Combinator, Mundi Ventures, Barlon Capital and the Sequoia Scouting Fund. “Rever is creating a category from scratch, it is not about a new functionality or product,” say investor sources from the US Sequoia fund.
In its first year on the market, the company claims to have 130 clients from sectors such as fashion, sports, electronics or home furnishings. “We have large companies as clients, but we cannot reveal their names. Other examples are brands like Nude Project, Hannun or Misako”, say the founders, who have maintained control of the property.
Montmany and Hernández ensure that their software encourages returns to be compensated with product exchanges or store credit, to the detriment of refunding the payment. In addition, they guarantee that the refund for the end customer is carried out in less than 24 hours and that the return process is more agile for both the user and the company, especially with customs management in foreign countries. The business model is based on charging a monthly subscription and a variable based on the volume transacted. With this formula, the company ensures that it achieved an annualized turnover of two million in 2022 and this year it plans to multiply that figure by four.
The Barcelona startup will also invest the money from the round in recruiting staff. Currently, the workforce is made up of 25 people and the company expects to close the year with 50. Part of the money will also be invested in improving the software by investing in artificial intelligence. The founders assure that in this way they will be able to personalize the return experience by recommending products that fit the tastes of each consumer.
