Frate, a Toronto, Canada-based startup transforming the retail returns process, raised CAD$3.6M in Seed funding.
The round was led by Matchstick Ventures with participation from 2048 Ventures (NYC), Whitecap Venture Partners (Toronto), Closed Loop Venture Partners (NYC), and BeSer Ventures (San Francisco).
The company intends to use the funds to expand operations and its development efforts.
Led by CEO Bailey Newton, and CTO Yenn Lei, Frate is a retail returns automation platform designed to help retailers reduce overall returns volume and combat growing issues like return fraud. The company has implemented novel features such as personalized exchange recommendations, AI-powered virtual condition assessment, and peer-to-peer returns, all aimed to help retailers reduce return associated costs, boosting their bottom-line. Frate has delivered value to many partners, including billion-dollar Brazilian footwear giant Arezzo&Co (parent company of Schutz, Alexandre Birman, and Arezzo), Peace Collective, Honey, Canada Pooch, and Felina.
With the latest round, Frate’s total funding now stands at $5.7M CAD.
FinSMEs
18/09/2024