19 June 2023
6 min read
Rever raises $7.5 million with software that speeds up online returns
“Rever raises $7.5 million with software that speeds up online returns”. La Vanguardia. 19 June 2023. Archived from the original on 17 November 2023. Retrieved 17 November 2023. Handling returns online is one of the major pitfalls of e-commerce. The process is costly, and product and money return times are never immediate. The startup Rever wants to solve these problems with software that ensures improved efficiency in 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. “The programme helped us to attract talent and to be clear about our growth model,” say founders Oriol Hernández and Màrius Montmany.
The startup employs 25 people and has gone through the Y Combinator incubator in Silicon Valley
At the moment, the company’s focus is on Spain, although its ambition is to operate on a global scale. To achieve this goal – starting with Italy, France, the UK and Germany – the company has just raised €7.5 million in an investment round led by Silicon Valley Y Combinator, Mundi Ventures, Barlon Capital and Sequoia’s Scouting Fund: “Rever is creating a category from scratch, not a new feature or product,” say investment sources from the US fund Sequoia.
In its first year on the market, the company claims to have 130 customers from sectors such as fashion, sports, electronics and home furnishings. “We have big companies as clients, but we can’t reveal their names. Other examples are brands such as Nude Project, Hannun or Misako,” say the founders, who have retained ownership control.
Montmany and Hernandez say their software incentivises returns to be compensated with product exchanges or shop credit, as opposed to refunding payment. In addition, they ensure 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 fee depending on the volume transacted.
The Barcelona-based startup, which does not share the turnover figure, will also invest the money from the round in hiring staff. Currently, the staff 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 claim that in this way they will be able to personalise the return experience by recommending products that suit the tastes of each consumer.
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REVER is a startup born to revolutionise eCommerce, making the online returns process easier, faster and more sustainable. Born in 2022, the startup was co-founded by Oriol Hernàndez i Fajula and Màrius Montmany. To meet its ambitious expansion plans, the company has brought in internationally renowned investors such as Silicon Valley fund YCombinator, Sequoia’s scouting fund and Mundi Ventures, who join GFC and Óscar Pierre (CEO and co-founder of Glovo). REVER currently has a team of 25 people and a portfolio of more than 100 customers including brands in the Fashion, Shoes, Sports and Electronics sectors. Through a frictionless returns process, the startup enables eCommerce companies to improve internal efficiency and customer experience.
About La Vanguardia
La Vanguardia is a major daily newspaper based in Barcelona, Catalonia, Spain. Founded in 1881, it is one of the oldest and most influential newspapers in the country. La Vanguardia covers a wide range of topics, including national and international news, politics, business, culture, and sports. Known for its editorial independence and comprehensive coverage, the newspaper has played a significant role in Spanish journalism. La Vanguardia is published in both Catalan and Spanish, reflecting the cultural and linguistic diversity of Catalonia. Over the years, it has adapted to the digital era, maintaining a strong online presence to reach a broader audience.