ReBound receives “significant investment” from BGF
2 Oct 2018
ReBound, the global returns management platform used by online clothing retailers including Asos, Gymshark and Charles Tyrwhitt, has received investment from BGF to support its international expansion and IP development.
Although the terms of the deal have not been disclosed, ReBound has confirmed that it was a “significant investment” from BGF, who specialise in investing in small and mid-sized businesses in the UK, with their investments typically falling between 1 million pounds and 10 millions pounds.
ReBound has stated that it will use the investment funds to grow its customer base both in the UK and internationally, with a focus on Asia including opening an office in Hong Kong, as well as develop its data analytics platform, enabling retailers to identify trends in customer behaviour.
In addition, ReBound is looking to expand beyond the clothing retail market, and is targeting expansion into homeware, technology and furniture.
The returns platform has also expanded its senior management team to help support the growth strategy, appointing Bill Joss as its new chair, following an introduction from BGF, while Caroline Green, formerly of Prolabs and a non-executive on the board of the British Business Bank PLC, joins the business as chief financial officer.
ReBound targets Asia and expanding beyond clothing market following investment
Graham Best, chief executive of ReBound Returns said in a statement: “During the past decade, the returns service failed to keep pace with the exponential growth of the global e-commerce 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, added: “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.”
Founded in 2015 by experienced logistics operators, chief executive Graham Best and chief operating officer Phil Smith, ReBound has grown by 400 percent year-on-year and reports that revenue will double in 2018. The returns platform, which has offices in Telford and London in the UK, has over 500 customers and manages 35 million returns transactions a year.
BGF was named the “most active investor in growth and expansion” for small and mid-sized businesses in the UK. It has backed a number of growing direct and multiple channel retailers including Sophia Webster, Ruroc, Oliver Sweeney, Prezola, Revital and Trouva.