Two Boxes Secures Major Funding to Revolutionize Returns Management
Having processed over one million returns so far, Two Boxes has carved out a reputation as a top logistics solution for both brands and third-party logistics providers (3PLs). Recently, this forward-thinking company raised $5.3 million in an oversubscribed funding round, significantly boosting its valuation. Peterson Ventures led the investment effort, with participation from Assembly Ventures and ongoing support from previous investors like Vinyl, Range Ventures, and Matchstick Ventures.
Reinventing the Returns Process
Two Boxes takes a unique approach to one of online shopping's biggest headaches: the returns process. While many companies concentrate on retrieving items from customers, Two Boxes focuses on improving what's often an outdated, manual process in the warehouse. Their innovative methods enhance how returns are inspected, processed, tracked, and prioritized.
Fighting Return Fraud
Given the escalating issue of return fraud, Two Boxes has developed new product innovations that help brands and 3PLs better manage their returns. This initiative is crucial, especially as the complexity and scale of return fraud continue to grow. By streamlining returns management and speeding up the reintegration of inventory back into stock, Two Boxes boosts profitability for its clients while also promoting sustainability and reducing waste.
Confidence in Company Growth
The company's recent valuation reflects the trust the market has in Two Boxes and its ability to enhance operations for its clients. Taylor Jones, a partner at Peterson Ventures, stated, “We see firsthand how damaging high return rates can be to a business. Two Boxes optimizes what used to be a labor-intensive process while providing data insights that improve overall efficiency.”
Partnerships and Rapid Growth
Recently, Two Boxes has gained attention for its partnerships with well-known companies like Loop and Happy Returns, a UPS Company. The firm currently serves more than 20 3PLs and includes notable industry leaders such as Capacity, Flowspace, and GoBolt among its clients.
Success Stories from Clients
The effectiveness of Two Boxes is clear from its impressive 100% pilot conversion rate. Clients using the software report remarkable outcomes, including an 80% drop in employee training time and over a 50% boost in operational efficiency. Furthermore, the solution has contributed to a significant 15% rise in returns revenue across the board.
A Promising Future Ahead
With this recent influx of capital, Two Boxes is set to grow its engineering team and expand its market presence. Co-founder Kyle Bertin noted, “Our mission is to turn returns into an asset. We are dedicated to advancing our innovations in combating fraudulent returns and achieving rapid growth with our partners.”
Exciting Features and Upcoming Projects
The company has launched several new features, including a Partner Portal to facilitate seamless onboarding and optimize the returns process. This initiative greatly enhances collaboration between brands and 3PLs. Additionally, Two Boxes has introduced multi-language support in its software to better serve diverse warehouse teams. Furthermore, their partnership with Arrive strengthens their recommerce strategy, enabling brands and 3PLs to improve their returns operations.
About Two Boxes
Established by Kyle Bertin and Evan Stalter in 2022, Two Boxes is dedicated to streamlining returns processing while capturing essential data to enhance logistics. After raising a total of $9.8 million in funding, the company was recently recognized as one of the Top 50 Promising Startups.
Frequently Asked Questions
What does Two Boxes primarily focus on?
Two Boxes focuses on enhancing the returns process for brands and logistics providers, tackling the challenges that arise when returns arrive at the warehouse.
How much funding has Two Boxes raised?
Two Boxes successfully secured $5.3 million in an oversubscribed funding round led by Peterson Ventures.
What types of innovations has Two Boxes introduced?
The company has developed solutions aimed at reducing return fraud, improving inventory management, and refining the overall returns process.
Which companies has Two Boxes partnered with?
Recently, Two Boxes has collaborated with Loop and Happy Returns, extending its services to over 20 logistics providers.
When was Two Boxes founded?
Two Boxes was founded in 2022 by Kyle Bertin and Evan Stalter.