Revive Raises $3.5M Seed to Capitalize on Returns
(Re)vive is a leading solution provider addressing the challenges of unstockable and returned inventory for brands.
Revive (formerly Hemster) specializes in aiding retailers with unstockable and returned inventory and they’ve successfully secured $3.5 million in seed funding. This development holds significant importance as mismanaged returned items often end up stored in facilities, leading to losses for retailers. Revive's solution addresses this challenge by digitizing, inspecting, and servicing returned items, offering them a second chance at being sold. By providing brands with the means to determine each item's highest value and facilitating the sale of refurbished goods across various platforms, Revive aims to minimize the financial burden associated with managing returns, which can amount to as much as $15 or more per item, according to CEO Allison Lee.
The funding round, led by Equal Ventures and existing investor Hustle Fund, with participation from Banter Capital, Coalition Operators, Mute VC, and Veronica Chou, provides Revive with approximately two years of financial stability. This injection of capital reflects a broader trend in the industry, with companies like Sway and G2 also securing significant funding to address the challenges posed by product returns. Revive's mission, as articulated by Lee, is to become the ultimate destination for all deadstock inventory, offering brands the opportunity to revitalize their goods rather than allowing them to go to waste in landfills.
Read more in Axios Pro.