Returnity raised US$3.1 million from Brand Foundry Ventures on 19th Feb, with additional funding from XRC Labs and others, to continue its work with Estée Lauder, New Balance, Rent the Runway, Walmart, and other brands to grow its operations. Returnity is based in Brooklyn, NewYork.
What the founder has to say:
“Returnity will double overnight, thanks to the investment, which will increase account development bandwidth, improve the backend, and improve the product and marketing in ways the company hasn’t been able to achieve before. The organization is now ready to start growing in earnest after standardizing its onboarding process. We began as a reusable shopping bag company, with James Reinhardt (the co-founder and CEO of ThredUp) as a customer who purchased reusable shopping bags. His task was to see if we could come up with a cost-effective shipping bag. That’s where it all began”
By 2020, we were on track for massive expansion. Then, because of the pandemic closure, 80 percent of our revenue vanished overnight. Beyond fundamentally cyclical enterprises, we had to figure out how to be relevant. We wouldn’t be where we are now if we hadn’t done that. It was a difficult but necessary phase of our journey because it drove us to tackle some of the fundamental questions about how we work”.
– Mike Newman, CEO at Returnity
About Returnity:
Returnity Innovations is a pioneer in eliminating single-use shipping packaging, which decreases package costs and delivers a financial return, enhanced user experience, fewer workplace injuries, and significant resource savings. They do it by developing reusable bags and boxes that are recyclable, light, and durable alternatives to cardboard boxes and poly-bags.
The company is taking on a massive task: more than 20 billion parcels are delivered in the United States each year (100 billion worldwide in the next five years), resulting in immense waste materials. Reusable packaging makes sense in companies with a natural send-and-return model, such as the garment rental industry, regular food deliveries, and other firms that have a standard delivery or pickup model.
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