Returnly, a Larkspur, California-based platform that turns product returns into repurchases for online retailers and marketplaces, raised $3.25m in seed funding.
Backers included Index Ventures, FJ Labs, SV Angel and Mundiventures. In conjunction with the funding, Ariel Poler joined Returnly’s board of directors.
The company will use the funds to grow its team of engineers.
Led by founder and CEO Eduardo Vilar, Returnly provides a hosted and brandable online product returns platform that retailers can leverage to offer a streamlined returns experience. With the platform, brands offer online returns, and eligible shoppers get instant refunds as store credit to buy again even before returning items.
It fronts consumers their money in the form of an online wallet that can be used for repurchases from the same brand. When shoppers buy, Returnly settles with merchants in real-time and takes on all product return and customer risk.
The company already has hundreds of paying customers.