# Refundid

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/refundid-pty

- Industry: Software
- Headquarters: Sydney, Australia
- Website: www.refundid.com
- Total disclosed funding: $7.1M
- Latest round: Seed (Jun 16, 2022)
- Investors on record: 5

## About

Refundid Pty Ltd is an innovative technology company that streamlines returns and exchanges for online shoppers, enhancing the overall e-commerce experience with instant refunds and seamless integration with retail partners.Founded in 2020 in Sydney, Australia, Refundid Pty Ltd specializes in simplifying the returns process for e-commerce. The company has not undergone any significant pivots or changes in its operational strategy since its inception. The founders include Brad Karney, Ilan Kessler, Joel Aaron, and Judd Katz, with Brad Karney also serving as the CEO. Refundid raised AUD 8.563 million in a Seed funding round led by Salesforce Ventures on June 16, 2022, bringing the total amount raised to AUD 8.563 million and currently valuing the company at AUD 61.411 million.Refundid offers a streamlined returns and exchanges service designed to enhance the online shopping experience. The core product allows consumers to obtain instant refunds or exchanges when returning items purchased from partnered retailers. This service addresses common pain points associated with traditional return processes, such as long wait times for refunds and complicated exchange procedures. Refundid’s platform integrates with various retailers across multiple sectors, including fashion and beauty, allowing customers to navigate returns seamlessly through a dedicated mobile app. Customers include both individual consumers seeking a hassle-free return process and online retailers looking to improve customer satisfaction while reducing operational burdens. The service is primarily available in Australia and New Zealand, targeting an audience of tech-savvy online shoppers and businesses keen on enhancing their return policies.Refundid generates revenue through partnerships with retailers, leveraging a commission-based model where retailers pay a fee for each transaction processed through the platform. The firm’s revenue structure is built around partnerships with a wide array of brands, which allows Refundid to facilitate instant refunds and exchanges while streamlining retailers’ return processes. Retailers benefit from this arrangement by increasing customer retention and satisfaction, thus driving repeat purchases. Refundid's offerings may include subscription services for retailers seeking enhanced data analytics and customer insights, which can further support their return management strategies. The pricing plans and fees are tailored to the individual agreements made with partnered retailers, ensuring that Refundid remains competitive while continuously fostering relationships within the e-commerce landscape.In July 2022, Refundid Pty Ltd raised AUD 8.563 million in Seed funding led by Salesforce Ventures, which will be utilized to accelerate growth and expansion within the retail landscape. The company has plans to enhance its product offerings, which will involve new features designed for both consumers and retail partners. Refundid is also targeting expansion into additional markets, with a focus on increasing its presence in regions beyond Australia and New Zealand. Specific new markets have yet to be disclosed, but the company aims to establish a stronger foothold in the e-commerce sector by leveraging the recent funding.

## Funding rounds

- Seed, Jun 16, 2022, $6M — Salesforce Ventures, Shearwater Capital, Touch Ventures, Jam Pad Investments, BEARD TRADING PTY LTD
- Seed, Sep 9, 2021, $1.1M — Touch Ventures, Touch Ventures, BEARD TRADING PTY LTD

## Investors

- Touch Ventures (https://capitalatlas.ai/funds/touch-ventures) — Seed
- BEARD TRADING PTY LTD — Seed
- Salesforce Ventures (https://capitalatlas.ai/funds/salesforce-ventures) — Seed
- Shearwater Capital — Seed
- Jam Pad Investments — Seed