ReverseLogix Corp., the leading cloud-based platform to automate reverse logistics for e-commerce brands, third-party logistics providers and manufacturers, announced today hui the mobilization of 20 million dollars within the framework of its first round of external financing. The new capital will enhance the company’s capabilities and resources to build a turnkey modular SaaS platform to manage, plan and execute the complex end-to-end reverse logistics process for the world’s largest e-commerce companies.
The Series A funding was provided by Cambridge Capital, a leading investment firm focused on supply chain technology. Along with this investment, Benjamin Gordon and Matt Smalley , from Cambridge Capital, have joined the board of directors of ReverseLogix.
Using ReverseLogix’s proprietary cloud-based technology platform, e-commerce companies, logistics providers and manufacturers can handle all aspects of returns, repairs and after-sales service. With separate modules focused on triggering returns, handling returns, repair management, warehouse management and inventory optimization, customers can take advantage of the best and only centralized product management solution. end-to-end returns for their specific needs. By automating and optimizing reverse logistics processes through AI and machine learning, ReverseLogix customers can achieve significant cost savings from
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According to Bank of America and McKinsey, the COVID-19 pandemic has accelerated e-commerce penetration in the United States, which has increased from 16% to 34% of all retail sales. As a result, the expected ten-year penetration growth took place in just three months – resulting in a marked increase in returns and reverse logistics requirements.
With 25% return of e-commerce orders, the total number of returned packages has shown an annual growth of 70% in 2020, and this trend is expected to strengthen in the future. With returns costing ecommerce businesses up to 20% of the underlying value of the purchased good, larger businesses are looking to leverage the best technologies to better handle this previously manual, tedious, and expensive process. ReverseLogix is expected to gain significant market share due to its flexibility and product depth, having been designed exclusively for reverse logistics flows.
“After launching ReverseLogix over six years ago, I am very happy to announce this significant investment. Cambridge Capital is the perfect partner for us who have extensive experience in logistics technology on a global scale. This collaboration will allow us to continue to develop our platform, expand our management team and extend our trajectory of strong growth through 2021 and beyond, by leveraging their relationships with key clients and partners in the sector. Said Gaurav Saran , Founder and CEO of ReverseLogix.
“We are very excited to collaborate with Gaurav and ReverseLogix as the first outside investor. Our experience as founders of global supply chain companies and our unique perspective as a group of operators, strategic advisors and investors specializing exclusively in logistics, will allow us to help ReverseLogix continue to expand its leadership in the global reverse logistics market, which we believe represents a trillion dollar market, ”said Benjamin Gordon, Managing Partner of Cambridge Capital. “The continued growth of ReverseLogix with its current and new large customers, the top notch satisfaction of the world’s largest customers, and the best flexible cloud-based technology platform provide ReverseLogix with a significant market opportunity and offer an excellent product-market fit, ”added Matt Smalley , director of Cambridge Capital.
With large customers such as FedEx, Electrolux, Cole Haan , BNSF Logistics, Amer Sports , Samsonite and Tumi, ReverseLogix is already a leader in an important category of emerging products poorly covered by traditional suppliers. With this new investment, ReverseLogix is accelerating and strengthening its relationships with other large customers and partners around the world.
