Returnbase is reverse logistics. Returnbase builds and manages B2B marketplaces for excess inventory and customer returns. Soma wrote the first seed check with Initialized leading afterwards
Retailers get an insane amount of customer returns — over 10% of everything sold comes back as a return. That’s $275B of returns in the US each year & an additional $225B in excess inventory. There’s an entire industry devoted to recovering some of that money called reverse logistics, but retailers currently only end up recovering ~10 cents on the dollar at best
Returnbase makes retailers 3x as much as they get now. Instead of using spreadsheets and emails, which is what traditional reverse logistics companies use to sell massive lots of inventory to liquidators, they use software to process, price, and sell this inventory directly to consumers. Their solution is so efficient that they hit a $1M run-rate with just a team of 2 founders and 1 hourly warehouse worker. Returnbase is taking control of the single largest source of high quality, used inventory — retail returns — by working directly with the retailers, and cutting out the ridiculous chain of inefficient middle-men. This is incredibly powerful as they can leverage this to build a brand and consumer base for these types of items and build a massive marketplace on the back of retail returns.