ReBOUND returns service wins backing from venture firm BGF
ReBOUND, the global returns management platform used by online clothing retailers such as ASOS, Gymshark and Charles Tyrwhitt, has received significant investment from BGF to support international expansion and IP development.
Based in Telford and London, ReBOUND assists retailers with the management of their UK and international returns service, improving efficiency, traceability and customer experience. It was founded in 2015 by logistics operators, CEO Graham Best and COO Phil Smith, and the business has grown by 400% year-on-year. It is anticipated that revenue will double in 2018.
The business has 500 customers and manages 35 million returns transactions a year. By using its proprietary software and extensive logistics network the business has been able to build scale rapidly and it has established partnerships with more than 100 local and global third-party carriers across 195 countries,
The level of investment it has received was not revealed but it plans to use the funds to grow its customer base both in the UK and internationally and develop its data analytics platform, enabling retailers to identify trends in customer behaviour.
It also plans to move beyond the clothing market into homewares, technology and furniture and has announced the opening of a Hong Kong office, providing a crucial foothold in a region increasingly of interest to Western brands.
Best said: “During the past decade, the returns service failed to keep pace with the exponential growth of the global ecommerce market. We established ReBOUND to make significant waves in the industry, and with access to BGF’s funding and network we now have the opportunity to accelerate our growth, as well as scale and enhance the platform.
“With a foothold in Asia, we’re now best placed to help Western businesses attract and retain high-spend Chinese customers who are eager to shop internationally but are often put off by an expensive and inefficient delivery and returns experience.”
BGF’s Gurinder Sunner, who will join the board of ReBOUND, added: “Graham and Phil are highly experienced operators who built successful corporate careers in the logistics industry. They have used their experience, skills and network to launch their own company and recruit a first-class team around them. We are delighted to be supporting them as they move to the next stage of their growth.”
BGF also backs Sophia Webster, Oliver Sweeney and Trouva, among others, and prefers to take long-term minority, non-controlling stakes in the firms in which it invests.