AI to transform e-commerce returns: Swedish startup eComID raises €2.75M to cover more brands
2 mins
Published by: Daniil Bazylenko
21 March 2024, 10:02AM
Swedish startup eComID aims to reduce return rates and environmental impact in eCommerce with its AI-powered platform.
eComID recently raised €2.75 million in pre-seed funding led by CapitalT and H&M Group Ventures.
The funding will help eComID enhance its platform and make its solution available to a wider range of brands.
eComID's team is dedicated to transforming the returns landscape and promoting sustainable shopping practices among customers.
Oscar Rundqvist, eComID's CEO, is excited about the funding and partnership, highlighting the company's mission to address return complexities in the fashion industry.
AI to transform e-commerce returns: Swedish startup eComID raises €2.75M to cover more brands
Swedish startup eComID is tackling the challenge of high return rates in the eCommerce industry with its AI-powered platform, aiming to reduce financial losses for retailers and minimize environmental impact.
Recently, eComID secured an oversubscribed pre-seed funding round of €2.75 million, led by CapitalT along with H&M Group Ventures and strategic angel investors. This funding will enable eComID to enhance its platform capabilities and open its previously invitation-only solution to a wider range of brands, helping retailers minimize product returns.
Founded in 2023, eComID brings together a team of retail digital leaders and engineers from Sweden, Spain, and Venezuela, dedicated to transforming the returns landscape collaboratively. Their technology incentivizes informed purchases, rewards sustainable practices, and encourages conscious shopping habits among customers.
The eComID co-founding team comprises the best talents I’ve worked with in every field, all driven by warm hearts. I’m eager to continue showcasing what this stellar team can achieve, addressing the complexities of returns in the fashion industry. CapitalT and H&M Group Ventures are the perfect partners to amplify our current momentum, with retailers already expressing keen interest in joining the movement we’re fostering with our technology.
Oscar Rundqvist, CEO of eComID, expressed excitement about the funding and partnership, highlighting the company's mission to address return complexities in the fashion industry. CapitalT and H&M Group Ventures praised eComID's proactive solution and innovative technology, foreseeing a more sustainable era in online shopping.
We’re delighted to extend our partnership with eComID through this follow-on investment, continuing to support their mission to unite the fashion industry in addressing the product returns challenge together. With eComID’s innovative technology, we foresee the potential for a more sustainable era in online shopping. We’re eager to see the team’s continued progress and the positive impact of their solution.
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