PayPal Ventures invests $11 million in retail startup Happy Returns
Category: #retail  By Pankaj Singh  Date: 2019-04-27
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PayPal Ventures invests $11 million in retail startup Happy Returns

Shoppers return 5 percent to 10 percent of purchased product in store, but 15 percent to 40 percent of online purchases.

PayPal’s venture capital arm has reportedly invested $11 million in return and logistics solutions provider Happy Returns in a funding round led by PayPal. This is the largest funding round for Happy Returns to date. The latest investment has brought the total raised fund by Happy Returns to $25 million.

The existing investors like U.S. Venture Partners and Upfront Ventures have also participated in the funding round. The interest of each investor was not disclosed.

Reportedly, Happy Returns has over 350 return bars in college campuses, malls and inside stores like Paper Source and Cost Plus World Market. The brands already working with the company include Eloquii, Rothy’s, Everlane and Untuckit.

Happy Returns optimizes routing returns to different end-destinations for retailers based on the condition of the rules each retailer sets and goods.

David Sobie, co-founder and CEO, Happy Returns reportedly stated that the investment is a huge validation for the company. It speaks to the PayPal’s mission to make e-commerce as frictionless and easy as possible, he further added.

Robert Clarkson, Vice President, North America, PayPal reportedly stated that the customer-centered return process reengineered by Happy Returns brings cost savings and efficiencies to merchants.

Returns have become a growing problem for retail as more commerce moves online. Shoppers return 5 percent to 10 percent of purchased product in store, but 15 percent to 40 percent of online purchases. Online brands that are growing up their shopper base but are not physically located at any, or many, places mean returns by posting to the company is the main alternative for customers. Reportedly, Happy Returns wants to step in to offer a solution.

For the record, PayPal Ventures has also financed investing platform Acorns, loan app Tala, online food ordering platform Olo and online gift card marketplace Raise.

Source Credit:  https://www.cnbc.com/2019/04/24/paypal-ventures-invests-in-retail-start-up-happy-returns.html

https://www.pymnts.com/news/investment-tracker/2019/paypal-funding-happy-returns-ecommerce/



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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