Announcing RetailReady’s $3.3M Seed Fundraising — RetailReady
Summary
The seed round was led by Wischoff Ventures, and supported by investors including 640 Oxford, Lombardstreet Ventures, Duke Capital Partners, Y Combinator, Matt Silver, Jacob Boudreau, and Scale Angel Fund.Co-founders Elle Smyth and Sarah Hamer discovered the problem while working together at supply chain unicorn startup Stord.Today, warehouse workers shipping on behalf of major brands rely on complex and lengthy page paper manuals of packing instructions, which leads to frequent shipping errors. A typical brand pays more than 3% of its gross invoice revenue in fees incurred by non-compliant shipments (chargebacks), totaling more than $40B each year across US retailers. The app also automates error recording for retailers and delivers crucial compliance data to brands.Within two months of launching, the company secured six customers. RetailReady is bringing a much needed solution to a painful problem that impacts every product in retail stores and carries a financial burden for thousands of brands and 3pls. - Jacob Boudreau, Co-Founder & CTO of StordRetailReadys application is a no-brainer for warehouse teams working with retailers with heavy compliance requirements.