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Industries
Enterprise Software
Social Impact
AI & Machine Learning
Consumer Goods
Company Size
51-200
Company Stage
Series E
Total Funding
$207.1M
Headquarters
Washington, District of Columbia
Founded
2010
Optoro specializes in improving the returns process for retailers and e-commerce businesses. The company provides a returns management solution that uses machine learning to efficiently direct returned items to their best next destination, such as restocking, resale, or recycling. This helps retailers recover lost profits, speed up processing times, and enhance customer satisfaction. Optoro operates on a software-as-a-service (SaaS) model, offering a branded returns portal and integration with existing systems, along with access to a network of drop-off locations. Unlike competitors, Optoro focuses on both financial recovery for retailers and environmental sustainability by minimizing waste and promoting product reuse. The company's goal is to transform the returns process to benefit retailers and the environment.
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Total Funding
$207.1M
Below
Industry Average
Funded Over
7 Rounds
Industry standards
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Grow alongside the company - We know our business is nothing without our employees, and we want to invest in you as much as you invest in us. We offer robust stock option plans to demonstrate this commitment. And we allocate professional development budgets and host skills-based seminars—from Excel training to managing up—so you can always keep learning on the job.
Sotira, an AI-powered surplus inventory management platform, has raised $2 million in pre-seed funding to help brands offload and capitalize on their surplus inventory.The funding round included participation from Unusual Ventures, K5 Global, Night Capital and Soma Capital.Amrita Bhasin, co-founder and CEO of Sotira, said the company was founded to enable brands to quickly sell their excess stock, with a specific focus on grocery, health and wellness and cosmetics items.Bhasin said surplus procurement is a $550 billion industry that lacks automation and still largely operates off pen and paper.“Reverse logistics is an industry that really lacks technology, and so that was pretty much the catalyst for starting the company,” Bhasin told FreightWaves in an interview. “We offload and monetize overstock and handle all the reverse logistics, all the compliance, all the paperwork. We automate processes like bill of ladings, invoices, credit checks, transactions. Again, this is an industry in which if you’re doing a liquidation purchase, you’re typically handing a physical check to the driver. It’s very old school and the status quo.”Sotira co-founders Amrita Bhasin and Gary Kwong.Bhasin said reducing waste was another goal when they founded the company.About $163 billion worth of inventory is discarded each year due to expiration or overproduction, according to a study by global manufacturer Avery Dennison.Optoro, a firm specializing in sustainable returns and resales, estimates that returned inventory creates 5.8 billion pounds of landfill waste each year, and the shipping of returns emits 35 billion pounds (16 million metric tons) of carbon dioxide annually.“We’ve had companies and buyers reach out from other countries, as far away as Australia, who were like this, these items are going to go in the landfill by this date. Is there anything you can do? And obviously we want to help,” Bhasin said.Sotira was founded in 2022 by Bhasin and Chief Technology Officer Gary Kwong
As consumers finish up their holiday shopping for this year, retailers reportedly expect to see a lot of returns in January. On average, retailers expect this holiday shopping season’s return rate to be 17% higher than usual, CNBC reported Tuesday (Dec. 24), citing data from the National Retail Federation (NRF). January is traditionally the month that sees the most returns — to the extent that experts have dubbed the month “Returnuary,” according to the report
Optoro Inc., the leading technology platform for retail returns, unveiled its latest offering: Home Pick-ups.
The age of easy clothing returns is coming to an end.A report Tuesday (June 20) by the Wall Street Journal (WSJ) says nonreturnable items are becoming increasingly common.For example, secondhand clothing seller Poshmark has seen a 61% increase in items marked “new with tags” and featuring the words “final sale” in the description since last year. The term “final sale” means that even if a garment doesn’t fit, consumers can't return it.It’s a reality consumers are having difficulty dealing with.“It can create unnecessary friction and start annoying them,” said Sandrine Devillard, senior partner at McKinsey who oversees the firm’s North American apparel operations.The trend has left shoppers finding new ways to strategize their purchases, the WSJ notes. The report offers the example of a men’s clothing supervisor in Miami who shops final sales online and has garments altered as needed by his tailor.Chicago-based wardrobe stylist Katie Schuppler told the newspaper many of her clients don't realize they’d bought something on final sale until they tried to return it.“It comes up a lot when you’re panic-buying and not even paying attention,” she said.As noted here last week, many retailers are tightening their returns standards, a potentially risky bet, considering how much consumers like the ability to make easy returns.When it comes to online returns — defined here as a retailer providing free online returns using printable shipping labels — 33.4% of U.S. consumers consider the feature very or extremely important, according to recent PYMNTS research.“Given its popularity, it is not a stretch that the retailer pullback on returns to boost margins may come at the expense of customer loyalty,” PYMNTS wrote. “However, limiting returns is a risk some merchants are willing to make, given the cost incurred on their end to process them. In 2022 alone, an estimated 16.5% of all merchandise bought online was returned.”And while retail giants such as Amazon seem — so far — secure in charging some sort of fee for returns, other companies are exploring alternatives
As merchants begin to clamp down on returns, more brands are revisiting how they handle this inescapable aspect of eCommerce, with Gap the latest to announce it’s trying a new way. In a Tuesday (March 28) press release, returns technology provider Optoro announced that Gap has signed on to make the returns process a better experience for customers and brands. Including brands Old Navy, Gap, Banana Republic and Athleta, Gap is using Optoro to make the returns experience more intuitive through its online portal “for initiating returns quickly and easily, instant exchanges, fraud-protected customer keep, box-free, label-free drop-off locations, and more.”
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Industries
Enterprise Software
Social Impact
AI & Machine Learning
Consumer Goods
Company Size
51-200
Company Stage
Series E
Total Funding
$207.1M
Headquarters
Washington, District of Columbia
Founded
2010
Find jobs on Simplify and start your career today