Tech-driven platform for retailers Returnal Ltd has successfully closed a 拢300,000 funding round to expand its platform鈥檚 capabilities, retailer partnerships and support rapid scaling.聽
The Lincolnshire-based firm, which enables retailers to take ownership of their secondary markets through trade-in solutions, has already secured launch partnerships with Downtown and ToolGang.聽
The funds come from SFC Capital with additional backing from British 老九品茶 Investments and three angel investors, as the company looks to make retail more sustainable and profitable for both retailers and customers.
Returnal provides a plug-and-play solution that allows retailers to accept pre-loved products from customers in exchange for store credit.聽
鈥淎t Returnal, we believe the sustainable choice should also be the most convenient choice,鈥� said Jake Margiotta, CEO of Returnal.聽
鈥淭his funding will help us rapidly expand our capabilities and help retailers create a truly circular economy where customers come back time and again and pre-loved products get a new lease of life instead of ending up in landfill.聽
鈥淲ith this backing, Returnal can accelerate its journey towards our goal of extending the lifecycle of over one million products before 2027.鈥�
Luke Davies, co-founder & CPO, added: 鈥淭his is just the beginning.聽
鈥淥ur goal is to make trade-ins the default option for retailers aiming to engage customers, drive revenue and lead in sustainability.鈥�