Reversso, a company that offers B2B software to improve returns and exchanges on e-commerce sites, raised US$1.1 million in a seed round led by the Santiago, Chile-based Genesis Ventures fund. This amount brings the funding to US$1.6 million, Benjamín Santa María, CEO and co-founder of the Reversso, told Contxto.
This round was also backed by Hero Capital and Grupo Prisma and angel investors such as Matt Brown, Prodigio (Silicon Valley VC) partner, and Alan Weschler, director of the Chilean company Vigatec. In its previous round, it was backed by Platanus Ventures accelerator (they were part of its first batch).
The founders of Reversso are Benjamín Ragonessi, and the brothers Benjamín and Clemente Santa María, with experience in Levi’s and Falabella respectively.
In an interview with Contxto, Benjamín Santa María tells us that the idea for Reversso was born after they noticed the difficulties in the process of returns and exchanges of merchandise in the e-commerce of their previous jobs.
With the pandemic, new e-commerce needs arose. They took the opportunity to promote and improve their product to what is now Reversso: a software solution for returns and exchanges that integrates e-commerce platforms, reverse logistics, and payment methods to make the process self-service and automated.
By automating the exchange process, Reversso suggests other products based on the user’s search history on the website. In addition, returns are streamlined, allowing the store to make refunds instantly.
This is resulting, the CEO says, in 30% of exchanges being converted to a higher-value order and is saving 80% of the time in the returns process.
Santa Maria says these solutions benefit both retailers and the users, transforming the latter into frequent, brand-loyal customers. “This improves the last-time value and unit economics of the companies that use its services,” he explains.
Mexico as a spearhead for its business
After the new round, they will focus on boosting the Mexican operation. They started in a pilot mode in 2021 and established themselves a few weeks back, with the CEO at the head of the new market.
Although they have clients in several LatAm countries, they see Mexico as a unique market opportunity: they are growing very fast, and this will allow them to expand further. In fact, they are hiring personnel in this country.
The new funding will also be used to continue launching new products. The company is developing an insured refunds service to complement the automation in refunds and returns. This will enable stores to reimburse customers even before they ship the product, and Reversso will absorb the risk of any defects in the goods.
To this end, they are working on improving their own returns risk scoring algorithm. This will allow the platform to automatically make better decisions when a customer requests a refund or exchange.
Reversso has 300 customers, and with the new capital, they expect to reach 1,000 in the next 12 months.
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