Venture Capital News: Happy Returns Closes $8M Series B
SANTA MONICA, CA, Technology, logistics and service provider for online retailers, today announced $8 Million of additional funding led by USVP.
Happy Returns, a technology, logistics and service provider for online retailers, today announced $8 Million of additional funding to support its rapid growth and expansion. The Series B funding round was led by USVP with participation from existing investors Upfront Ventures and Trunk Club founder Brian Spaly. As part of the financing, USVP General Partner Rick Lewis will join the company's Board of Directors.
Happy Returns' new funding comes after six months of explosive growth following the completion of its Series A financing in May. The company has expanded its Return Bar network to 50 locations in 14 metro areas, added multiple new retailer partners, and seen the volume of returns processed through its in-person returns network grow by 700%.
Happy Returns' growth has accelerated amid a growing recognition across retail that customers expect in-person returns and expedited refunds, a trend underscored by Amazon's recent partnership with Kohl's to accept returns in stores this holiday season. A recent Happy Returns report conducted by Forrester retail analyst Sucharita Mulpuru, Returns Happen: A Growing Opportunity for Retailers, concluded that 85% of online shoppers are more likely to shop from retailers that are able to offer free, in-person returns with an immediate refund.
"We've been tracking Happy Returns and are excited to participate in their growth," said Rick Lewis, Partner at USVP. "We believe this is a uniquely qualified team capitalizing on market trends, and we are impressed with how efficiently they have scaled the business."
"U.S. Venture Partners shares our vision of a complete online returns solution that's more satisfying for customers and more cost-effective for retailers, and we're thrilled to have them as a partner," said David Sobie, Co-Founder and CEO of Happy Returns. "USVP understands that in-person returns are just the tip of the iceberg, and this investment enables us to accelerate our technology roadmap to solve more pain points for retailers and their shoppers."
The company will use the investment to expand its network of Return Bar locations while building out multiple new product offerings and aggressively investing in their operations, sales and engineering teams to meet increasing demands for their products.
About U.S. Venture Partners
U.S. Venture Partners (USVP) is a leading Silicon Valley venture capital firm, partnering with entrepreneurs to transform their ideas into world-changing companies. USVP has invested in over 400 companies spanning three decades, including: Box, Castlight Health, Check Point Software, Concur, GoPro, Guidewire Software, HotelTonight, Imperva, InsideSales.com, Intersect ENT, Omada Health, OncoMed, SanDisk, Sun Microsystems, Trunk Club, Trusteer, Yammer, and Zerto. USVP focuses on early-stage start-ups that transform cybersecurity, enterprise software, consumer mobile and e-commerce, and healthcare. The USVP team consists of former entrepreneurs, technologists, corporate executives, and financial professionals who assist with strategy, scaling, team building, product development, and business development. USVP is based in Menlo Park, California.
About Happy Returns
Happy Returns is solving the #1 pain point of e-commerce: returns. Happy Returns does this by providing a seamless integrated system of technology, service, and logistics that gives shoppers the frictionless returns experience they want and retailers the low-cost and efficient service they require. Happy Returns operates a national network of 50+ Return Bar locations in 14 metro areas staffed by friendly, well-trained Returnista return specialists located in premier shopping centers, independent boutiques, and other convenient spots.
Happy Returns' co-founders met at HauteLook/NordstromRack.com, where they led the launch of the highly successful Return To Rack program, in which HauteLook shoppers return online purchases to Nordstrom Rack physical stores. The company is based in Santa Monica, California, and its investors include USVP, Upfront Ventures, Lowercase Capital, and Maveron.
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