Parcel delivery startup Veho taps new funding to acquire returns specialist
Buying QuikReturn will expand both product offering and geographical expansion, Veho says.
Crowdsourced package delivery tech firm Veho is continuing to grow fast, unveiling the acquisition of reverse logistics startup QuikReturn just a month after landing $170 million in venture capital.
Terms of the deal were not disclosed.
New York-based Veho said the move accelerates both its Veho Returns product offering and its geographical expansion. QuikReturn serves e-commerce brands and their customers in New York City and the surrounding area.
The move is the latest example of logistics firms investing in their returns capabilities. In February, contract logistics provider DHL Supply Chain said it had selected ReverseLogix as its primary solution for managing e-commerce returns.
Veho is now leveraging its $1.6 billion valuation to buy QuikReturn, which offers package return technology that lets customers schedule a pick up from their home with one-hour pickup windows. The firm then ships the returned items back to the e-commerce brands for a fast inventory turnaround.
Following the deal, QuikReturn co-founder and CEO Ethan Susser will lead growth for the Veho Returns product, which Veho ultimately plans to integrate into its delivery technology platform to provide a 'full-cycle offering' for e-commerce brands (seamless delivery and returns).
"We founded QuikReturn with the vision to reimagine the returns experience, and reverse logistics as a whole, for e-commerce companies and their customers – an area that is sorely overlooked by the logistics industry," Susser said in a release. "Veho's scale, speed of execution and focus on customer experience will allow us to realize our vision faster and bring an incredible doorstep pickup experience to every market in the U.S."