The flurry of late-2017 fundings continued this morning, when Happy Returns — a company that partners with e-commerce brands to seamlessly facilitate their customers' returns — announced this morning the close of an $8 million Series B. The funding comes after an explosive six months for the company, which expanded its Return Bar network to 50 locations in 14 metro areas and saw the volume of in-person returns grow 700 percent.
We believe this is a uniquely qualified team capitalizing on market trends, and we are impressed with how efficiently they have scaled the business."
Led by USVP, the round included participation from existing investors Upfront Ventures and Trunk Club founder Brian Spaly, with USVP general partner Rick Lewis joining the company's board of directors.
“We've been tracking Happy Returns and are excited to participate in their growth,” said Lewis in a statement provided to Built In LA. “We believe this is a uniquely qualified team capitalizing on market trends, and we are impressed with how efficiently they have scaled the business."
The company plans to use the capital to continue to expand its network of Return Bars, while scale its sales and engineering teams to invest build out new product offerings.
“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 funding brings Happy Returns' total amount raised to-date to just over $14 million, with the company's Series A coming just a few months ago in September. Earlier this year, the company was named to Built In LA's 50 startups to watch in 2017.
