Veho Bags $170M Round - Buys QuikReturn

March 21, 2022

Veho has acquired QuikReturn, a reverse logistics startup serving e-commerce brands and their customers in New York City and the surrounding area. The acquisition further accelerates both Veho Returns product offering as well as its geographical expansion, and marks another step to scale Veho's doorstep returns capabilities throughout the US.

Terms of the deal were not disclosed.

QuikReturn is Veho's first acquisition following Veho's total $300M fundraise in two subsequent rounds in late 2021 and early 2022, with a most recent valuation of nearly $1.6 billion. QuikReturn has developed proprietary package return technology that empowers customers to quickly and easily schedule a pick up from their home with one-hour pickup windows. QuikReturn facilitates the pickups through its urban logistics platform, and then ships the returned items back to the e-commerce brands for a fast inventory turnaround. Both the company's proprietary software and doorstep pickups platform will be integrated into the Veho offering for deployment in major metro markets. In addition, Veho intends to significantly scale QuikReturn's offering in New York City under the Veho brand.

"We have been incredibly impressed with the technology and carbon-neutral pickup platform the QuikReturn team has developed - both of which are complementary to Veho's offering. We are excited to bring on board an exceptional team that shares not only our mission to help e-commerce brands increase customer loyalty through an incredible delivery and returns experience, but also our values of putting the human in the center of everything we do for our customers, driver partners and our team members," said Itamar Zur, co-founder and CEO of Veho. "Integrating QuikReturn's smart and user-friendly doorstep return solution into Veho's offering will allow us to provide an even more exceptional service and is an important step toward making doorstep returns a key driver of growth and customer retention for e-commerce brands."

With the acquisition, The QuikReturn team will integrate into the Veho team, and will continue to focus on building out the doorstep returns offering while retaining high customer satisfaction (QuikReturn has a customer satisfaction score of 4.95). 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," shared Susser. "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 US."

Veho is redesigning package logistics entirely around the needs of e-commerce brands and their customers, with an operating model that enables industry-leading 99.9% on-time delivery rates and an average 4.9 star customer rating. With a network of company-operated warehouses, Veho facilitates next-day delivery from the brand's distribution center all the way to the consumer's door. Veho's proprietary technology powers a platform that seamlessly matches demand for deliveries with crowdsourced drivers. These driver partners collect packages from Veho warehouses and deliver them to consumers on dense last-mile routes – and now pick them up as well from customer doors at the customer's request. Veho plans to scale its next-day package delivery and doorstep returns to 50 U.S. markets this year.