Closo, a company focused on streamlining reverse logistics by connecting brands with a network of sellers, has raised $380,000 in a bridge round from AngelsDeck Global Ventures. The funds will be used to develop the AI infrastructure, expand the company’s tech and sales teams and scale in the US.
Integrated with top platforms such as eBay, Poshmark, Shopify, and Amazon, Closo reduces brands’ reverse logistics costs by 90% and simplifies the search for clothing for sellers by directly connecting them with returns. As for to date, Closo has increased its coverage to over 40 states while maintaining an overall stable growth of 200-300% per year.
The immediate plans are to connect more sellers and brands, launch new integrations with marketplaces and strengthen resale automation through Closo’s algorithms.
“In the medium-term perspective, we are aiming to become an automated shopping ecosystem that provides sellers with everything they need – from product access to a fully automated sales system. Our platform will select, upload and sell goods itself, adapting strategy, pricing, description and visuals in real time depending on demand and market trends,” says Ivan Cerkasin, Founder and Chief Executive Officer, Closo.
“At AngelsDeck, we back ventures that not only scale fast, but also rethink outdated models. Closo tackles one of retail’s biggest inefficiencies – returns that eat up to 30% of a brand’s net income. By cutting return costs and supplying sellers with inventory, Closo offers a highly scalable, win-win solution that significantly improves efficiency for both fashion brands and a broad network of sellers,” says Igor Kaloshin, Co-Founder and Chief Executive Officer, AngelsDeck.
Closo has previously raised $610,000 in earlier rounds from AngelsDeck and a group of angel investors, including Konstantin Klyuka.
