Discover the Returnly entrepreneurial ecosystem that won since April 2021 well over 280 million euros.
The purchase of the Spanish startup Returnly by the American technology company Affirm took place in April 2021 and reached a price of 300 million dollars (about 280 million euros). Affirm is one of the most prominent technology companies in the US, listed on the Nasdaq and was created by Max Levchin, one of the founders of Paypal.
Eduardo Vilar, founder and CEO of Returnly, made the decision to leave his life in Madrid to cross the Atlantic and land in the mecca of entrepreneurship. It was not the first time he was doing business, but when he arrived in Silicon Valley he still lacked the idea.
Returnly entrepreneurial ecosystem
Finally, he opted for a project that would respond to the tedious process faced by a consumer when he needs to return a product he has purchased online, a procedure that can drag on for weeks until he receives a refund of his money.
To respond to this situation, she founded Returnly, a startup that facilitates and speeds up returns and size or garment changes thanks to a technology that allows knowing the user's profile and their patterns to make a decision in real time.
Vilar, after analyzing the American market, noticed that no one had stopped to explore this niche and anticipated a business opportunity. The beginnings were complicated by the lack of knowledge of brands and customers, but things began to change when Shopify became one of its first customers.
Returnly entrepreneurial ecosystem brands
It was followed by such popular brands as Goop and Good American, created by Gwyneth Paltrow and Khloé Kardashian, respectively, who began to use their solution.
At the time of the purchase, it had offices in San Francisco, Madrid and Chicago, served more than 1,800 stores and had helped manage returns for more than 1,000 million dollars.
The Venture City, the investment fund led by the Spanish Laura González-Estéfani, based in San Francisco, Miami, Madrid and Sao Paulo, participated in the Series B round that Returnly raised in 2019 for 19 million.
Returnly entrepreneurial ecosystem comments
According to González Estéfani“ ”the sale of Eduardo Vilar's company was a fascinating moment for him, for his team, for his investors and all the companies that used his technology".
"Sometimes, no one beats us. At The Venture City it is a pride to have invested in them since their first ticket, first round, Serie A and follow on in their last round".
"Eduardo Vilar is a Spaniard who goes to Silicon Valley, sees an opportunity before anyone else, builds it, gets the best American investors and sells the company in the midst of a pandemic. The team is spectacular and he is a great professional and person," declares the investor.
