ReBOUND, the global returns management platform used by online clothing retailers such as ASOS, Gymshark and Charles Tyrwhitt, has received significant investment from BGF to support international expansion and IP development.
With offices in Telford and Central London, ReBOUND assists retailers with the management of their UK and international returns service, improving efficiency, traceability and customer experience. Founded in 2015 by experienced logistics operators, CEO Graham Best and COO Phil Smith, the business has grown by 400% year-on-year and revenue will double in 2018. ReBOUND now has over 500 customers and manages 35 million returns transactions a year.
A combination of ReBOUND’s proprietary software and extensive logistics network has allowed the business to build scale rapidly. Having established partnerships with more than 100 local and global third-party carriers across 195 countries, the company provides retailers with an unrivalled depth of carrier coverage and consumers with a range of locally-known and trusted returns options.
ReBOUND will use the BGF investment to grow its customer base both in the UK and internationally and develop its data analytics platform, enabling retailers to identify trends in customer behaviour.
Having focused initially in the clothing retail market, the company is targeting expansion into homeware, technology and furniture and has announced the opening of a Hong Kong office, providing a crucial foothold in a region increasingly of interest to Western brands. As part of its international growth strategy, the company will be hosting the world’s first dedicated returns conference, The Returns Revolution, on the 2nd October.
ReBOUND has also expanded its senior management team to help support the growth strategy. Following an introduction by BGF, Bill Joss has been appointed as its new Chair, and brings with him a wealth of relevant experience from similar roles where he was responsible for global sales growth, both through direct and indirect channels. In addition, Caroline Green, formerly of Prolabs and a non-executive on the board of the British Business Bank PLC, joins the business as CFO.
Graham Best, CEO, ReBOUND Returns said: “During the past decade, the returns service failed to keep pace with the exponential growth of the global ecommerce market. We established ReBOUND to make significant waves in the industry, and with access to BGF’s funding and network we now have the opportunity to accelerate our growth, as well as scale and enhance the platform.
“With a foothold in Asia, we’re now best placed to help Western businesses attract and retain high-spend Chinese customers who are eager to shop internationally but are often put off by an expensive and inefficient delivery and returns experience.”
BGF’s Gurinder Sunner, who will join the board of ReBOUND, said: “Graham and Phil are highly experienced operators who built successful corporate careers in the logistics industry. They have used their experience, skills and network to launch their own company and recruit a first-class team around them. We are delighted to be supporting them as they move to the next stage of their growth.”
Earlier this year, BGF was named the most active investor in growth and expansion, and B2C globally. It backs a number of growing direct and multiple channel retailers including Sophia Webster, Ruroc, Oliver Sweeney, Prezola, Revital and Trouva. BGF makes long-term investments for a minority, non-controlling stake in the businesses it backs.
The investment in ReBOUND Returns was led by Gurinder Sunner, Aaron Baker and Chris Nixon and who are based in BGF’s Birmingham office.
Advisors to the transaction:
ReBOUND Returns: Alantra (Richard Sanders and Paul Vanstone), Gowling WLG (Andy Lawton Smith and David Geller), Claritas Tax (Iain Wright and Ses Memhi)
BGF: Freeths (Lee Clifford and Jody Webb), Mazars (Andrew Spence and Richard Titbull)