Loop Returns, a software company looking to handle the costly and inefficient process of retail/ecommerce returns, has announced the close of a $65 million Series B financing round. The round was led by CRV, with participation from Shopify, Renegade Partners, as well as existing investors FirstMark Capital, Ridge Ventures, Peterson Ventures, and Lerer Hippeau.
The company had big plans around international expansion, platform expansion and product expansion ahead of the pandemic. Ultimately, that Black Swan moment led the company to focus in on its core offering and taking care of its customers, and it paid off, especially on the heels of the acceleration of ecommerce.
It paid off. The company has grown its team from 20 employees in 2019 to 100, with 41 percent of the team identifying as female and 16 percent identifying as BIPOC.
In terms of traction, the company has gone from 200 to 700 customers, and from $26 million in returns processed to just over $100 million in the same time frame.
Poma told TechCrunch that the greatest challenge for the startup is scaling the team.
“It’s about bringing great people and keeping them aligned toward a common goal, especially in this remote first world,” said Poma.