ReverseLogix Corp., a cloud-based platform for automating reverse logistics, announced Thursday it has raised $20 million in first-round funding from Cambridge Capital.
Along with the investment, Cambridge Capital’s Benjamin Gordon and Matt Smalley have joined ReverseLogix’s Board of Directors. Together, the team aims to create a modular SaaS platform to execute the tangled processes of end-to-end reverse logistics.
“After bootstrapping ReverseLogix for over 6 years, I am excited to announce this significant investment. Cambridge Capital is the perfect partner for us who has deep experience in logistics technology globally,” founder and CEO Gaurav Saran said in a news release.
Cambridge Capital is known for its innovative teams in the supply chain, investing in companies like XPO, Liftit and Bringg.
“We are extremely excited to partner with Gaurav and ReverseLogix as the first outside investor,” Gordon said in the release. “Our background as global business builders in supply chain, and our unique viewpoint as a group of operators, strategic advisors and investors focused exclusively in logistics, will allow us to help ReverseLogix continue to extend its market leadership, in what we believe is a trillion dollar reverse logistics market globally.”
Reverse logistics is a market that has grown rapidly alongside the growth of e-commerce throughout the pandemic. According to the Bank of America and McKinsey, 10 years of expected e-commerce growth penetrated in three months’ time, with the U.S. e-commerce market increasing from 16% to 34% of all retail sales during this time.
ReverseLogix stated in its release that 25% of all e-commerce orders were returned, leading to a 70% annual growth of total packages returned in 2020.
ReverseLogix counts FedEx and BNSF Logistics among its customers.
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