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

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/



About Author

Pankaj Singh

Email: [email protected]   

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...

Read More

More News By Pankaj Singh

US buys all of the global supply of Gilead’s COVID-19 drug remdesivir
US buys all of the global supply of Gilead’s COVID-19 drug remdesivir
By Pankaj Singh

While top-notch companies are racing to develop a vaccine for COVID-19, it looks like the United States has secured almost all of the world’s supply of interim drug remdesivir to treat patients with COVID-19.

...

Potential COVID-19 vaccine by Bharat Biotech to enter clinical trials
Potential COVID-19 vaccine by Bharat Biotech to enter clinical trials
By Pankaj Singh

Bharat Biotech International, a leading Indian biotechnology company, has reportedly announced that its potential coronavirus vaccine, Covaxin, has received Drug Controller General of India (DCGI) approval to start hum...

Seattle Genetics reveals positive data from tisotumab vedotin trial
Seattle Genetics reveals positive data from tisotumab vedotin trial
By Pankaj Singh

Seattle Genetics, Inc., a renowned biotechnology firm that focuses on developing antibody-based cancer treatments, has recently revealed positive topline data from its Phase 2 clinical trial (innovaTV 204) assessing ti...