BURLINGAME, Calif., Feb. 18, 2021 /PRNewswire/ -- ReverseLogix Corp., the leading cloud-based platform to automate reverse logistics for e-commerce brands, third-party logistics providers and manufacturers, today announced $20 million in its first round of external funding. The new capital will enhance the company's capabilities and resources to deliver a turn-key, modular SaaS platform to manage, plan and execute the complex end-to-end reverse logistics process for the world's largest e-commerce-focused companies.
The Series A financing was provided by Cambridge Capital, a leading supply chain technology-focused investment firm. In conjunction with the investment, Cambridge Capital's Benjamin Gordon and Matt Smalley have joined ReverseLogix's Board of Directors.
Through ReverseLogix's proprietary, cloud-based technology platform, e-commerce companies, logistics providers and manufacturers can manage every aspect of returns, repairs and after-sales care. With distinct modules focused on returns initiation, returns processing, repair management, warehouse management and inventory optimization, customers can leverage the best and only centralized end-to-end returns management solution for their specific needs. By automating and optimizing reverse logistics processes with AI and machine learning, ReverseLogix's customers can achieve a significant reduction in operating costs and increase customer satisfaction, while also achieving enhanced visibility and adherence to complex service level requirements and custom policies – all in one centralized platform.
According to Bank of America and McKinsey, the COVID-19 pandemic accelerated e-commerce penetration in the US from 16% to 34% of all retail sales, resulting in 10 years of expected penetration growth in just three months – which leads to significant growth in returns/reverse logistics.
With 25% of e-commerce orders returned, there was a 70% annual growth in total packages returned in 2020, and there is significant continued growth projected in the future. Since returns cost e-commerce businesses up to 20% of the underlying value of the purchased good, leading companies are seeking to leverage best-of-breed technology to better manage this previously manual, cumbersome and costly process. ReverseLogix is poised to capture significant market share due to its flexibility and product depth, being purpose built exclusively for reverse logistics workflows.
"After bootstrapping ReverseLogix for over 6 years, I am excited to announce this significant investment. Cambridge Capital is the perfect partner for us who has deep experience in logistics technology globally. Working with them will allow us to continue developing our platform, expanding our leadership team and extending our high-growth trajectory into 2021 and beyond, leveraging their industry relationships with key customers and partners," said Gaurav Saran, Founder and CEO of ReverseLogix.
"We are extremely excited to partner with Gaurav and ReverseLogix as the first outside investor. Our background as global business builders in supply chain, and our unique viewpoint as a group of operators, strategic advisors and investors focused exclusively in logistics, will allow us to help ReverseLogix continue to extend its market leadership, in what we believe is a trillion dollar reverse logistics market globally," said Benjamin Gordon, Cambridge Capital's Managing Partner. "ReverseLogix's continuous growth with existing and new large customers, top-tier satisfaction with the most important customers globally, and best-of-breed cloud-native flexible technology platform are a validation of ReverseLogix's large market opportunity and excellent product-market fit," added Matt Smalley, Principal 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 emerging product category underserved by incumbent vendors. With this new investment, ReverseLogix is accelerating and deepening its relationships with other large customers and partners globally.
ReverseLogix Corp. is the leading cloud-based platform to automate end-to-end reverse logistics for e-commerce brands, third-party logistics providers and manufacturers. ReverseLogix's centralized, highly configurable, modular SaaS platform is designed to manage every aspect of returns, repairs and after-sales care for all reverse logistics ecosystem players. With the rise in e-commerce, and the unique demands relating to returns and reverse logistics, ReverseLogix is poised to be at the forefront of innovation in a $1 trillion global market.
Founded in 2014 as a pioneer in SaaS-based centralized returns management, ReverseLogix is on the cutting-edge of solving reverse logistics challenges holistically. ReverseLogix is headquartered in Burlingame, California and serves top brands in all major verticals globally.
To learn more about ReverseLogix, visit https://ReverseLogix.com
About Cambridge Capital:
Cambridge Capital is an investment firm focused on the applied supply chain. The firm provides private equity to finance the expansion, recapitalization or acquisition of growth companies in transportation, logistics and supply chain technology. Our philosophy is to invest in companies where our operating expertise and in-depth supply chain knowledge can help our portfolio companies achieve outstanding value.
For more information, please visit http://www.CambridgeCapital.com