Returnall, the company behind the e-commerce return solution “Returneeds,” announced today that it has secured a cumulative 1 billion KRW (approximately 750,000 USD) in seed funding. Investors participating in this round include ETRI Holdings, Korea Investment Accelerator, Bluepoint Partners, MYSC, and Daejeon CCEI.

The relationships between Returnall and these investors are noteworthy. Korea Investment Accelerators, for instance, has shown its confidence in the company by making additional investments in October 2023. Similarly, Daejeon CCEI, Bluepoint Partners, and MYSC have been supporting Returnall’s growth through various programs such as the Pre-Startup Package, Open Window Program, Youth Start-up Academy, KT&G Sangsang Start-up Camp, and FIN:NECT Fintech Innovation School. ETRI Holdings, on the other hand, has not only invested but also transferred its non-destructive testing technology, promising a positive technological synergy.

The e-commerce industry has been expanding its free shipping and free return services to enhance customer satisfaction. However, the increased costs associated with returns have been negatively impacting companies’ profitability. Returnall was founded to address this industry issue and maximize the value of returned goods.

By leveraging factory automation technology, Returnall quickly provides status information on returned products, enabling e-commerce sellers, who may lack the capacity to inspect returned goods, to reduce the disposal rate of returned products and convert inventory into cash at a higher value. This prevents unnecessary refunds for items that do not require a refund, minimizing losses. Furthermore, by recirculating products that would otherwise be discarded, Returnall contributes to carbon reduction and addresses climate change.

“As convenient returns become essential for e-commerce, sellers have faced challenges in managing returned products. Returnall prevents losses caused by unnecessary refunds for items that do not require a refund,” said Dae-geon Yoon, CEO of Returnall. “With this investment, we plan to achieve two goals: expanding our market and increasing inspection efficiency through technology. We aim to introduce a new paradigm in the e-commerce market where sellers can focus solely on sales while outsourcing returns.”