Venture Capital News: Happy Returns Announces $4M Series A Round
SANTA MONICA, CA, Happy Returns has closed an additional $4.0 million via a Series A financing.
Happy Returns, a technology, service, and logistics company that provides in-person returns for online retailers, today made several announcements highlighting the rapid growth of the company and its return service:
Series A Financing - Happy Returns announced it has closed an additional $4.0 million via a Series A financing, led by Upfront Ventures. Upfront Partner Greg Bettinelli is joining the Happy Returns Board of Directors and said, "We believe returns are the next major area for innovation and disruption in commerce. We are excited by the growth of Happy Returns and believe the company offers a unique and compelling option for online retailers and their customers and an entry point into several exciting large business opportunities."
Joining Mr. Bettinelli on the Happy Returns board is Brian Spaly, former co-founder of iconic online retailers Bonobos and Trunk Club. Spaly participated in Happy Returns Seed and Series A financings.
New Retailers - Happy Returns announced five additional retailer partnerships including: Chubbies, City Chic, Jaanuu, Paul Evans, and Yosi Samra. These retailers join Happy Returns' existing partners including Everlane, Carbon 38, Eloquii, Shoes of Prey and Tradesy to offer their customers the option to return purchases in person at Happy Returns Return Bar locations.
Kyle Hency, co-founder of new retail partner Chubbies, said, "At Chubbies, we want every part of the shopping experience to be easy for our customers, including returns, which are notoriously hard to do well. By partnering with Happy Returns, we can offer a simple, easy, and fast in-person return option that requires much less work for our customers. No DIY craft projects. No trips to the post office. Customers just drop off the returned items at a Return Bar location in their neighborhood."
40th Return Bar Location Open - in addition to new funding and retailers, Happy Returns has also significantly increased its network of Return Bar locations. The company now accepts returns at 40 Return Bar locations in 14 major metro areas in the U.S., up from three locations in two metro areas last holiday season.
Commenting on the milestones, Mr. Sobie added: "With the recent announcement that Amazon will be accepting returns at Whole Foods, as well as the increasing demand by shoppers for free return shipping, retailers know offering a frictionless and even delightful return experience is quickly becoming a must-have to remain competitive. This additional financing, along with our fantastic team of employees, partners, and investors, will enable Happy Returns to continue to grow our in-person service and remain the leader in transforming returns."
About Happy Returns
Happy Returns is transforming e-commerce by solving the #1 pain point of online shopping-returns. The company does this by providing in-person returns through a network of physical Return BarĀ® locations staffed by friendly and highly trained Returnista return specialists, located in premier shopping centers and other highly accessible locations.
With Happy Returns, shoppers get returns that are easy, free, involve no packing or shipping, and provide an immediate refund. Retailers using Happy Returns save money through decreased shipping and support costs and enjoy increased conversions and customer satisfaction. Shopping centers and other hosts benefit from highly-qualified foot traffic driven to their locations.
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 Upfront Ventures, Lowercase Capital, and Maveron.
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