Tech-driven platform for retailers Returnal Ltd has successfully closed a £300,000 funding round to expand its platform’s capabilities, retailer partnerships and support rapid scaling.
The Lincolnshire-based firm, which enables retailers to take ownership of their secondary markets through trade-in solutions, has already secured launch partnerships with Downtown and ToolGang.
The funds come from SFC Capital with additional backing from British Business Investments and three angel investors, as the company looks to make retail more sustainable and profitable for both retailers and customers.
Returnal provides a plug-and-play solution that allows retailers to accept pre-loved products from customers in exchange for store credit.
“At Returnal, we believe the sustainable choice should also be the most convenient choice,” said Jake Margiotta, CEO of Returnal.
“This funding will help us rapidly expand our capabilities and help retailers create a truly circular economy where customers come back time and again and pre-loved products get a new lease of life instead of ending up in landfill.
“With this backing, Returnal can accelerate its journey towards our goal of extending the lifecycle of over one million products before 2027.”
Luke Davies, co-founder & CPO, added: “This is just the beginning.
“Our goal is to make trade-ins the default option for retailers aiming to engage customers, drive revenue and lead in sustainability.”