Beringea in Farmington Hills Leads $12.9M Investment in Nebraska Re-commerce Firm

Beringea, a Farmington Hills-based transatlantic venture capital investor, led a $12.9 million Series A financing of Rush ReCommerce, a re-commerce software and service provider in Omaha, Neb. Advantage Capital in St. Louis and existing shareholders also participated.
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Beringea in Farmington Hills led a $12.9 million Series A financing of Rush ReCommerce, a re-commerce software and service provider in Omaha, Neb. // Stock Photo
Beringea in Farmington Hills led a $12.9 million Series A financing of Rush ReCommerce, a re-commerce software and service provider in Omaha, Neb. // Stock Photo

Beringea, a Farmington Hills-based transatlantic venture capital investor, led a $12.9 million Series A financing of Rush ReCommerce, a re-commerce software and service provider in Omaha, Neb. Advantage Capital in St. Louis and existing shareholders also participated.

The company intends to use the newly invested capital to enhance its solution and accelerate the growth of its re-commerce network.

Rush ReCommerce has developed an end-to-end solution for home goods e-commerce returns and excess products. Most returns, especially bulky items, end up stuck in warehouses or may be disposed of due to high shipping and processing costs.

With Rush ReCommerce’s solution, products are returned directly to Rush’s network and processed with specialized software that evaluates products for greater recovery. The company states it is pioneering the resale of open box home goods online, through its flagship marketplace The Rush Market.

β€œThe market needs addressed by Rush ReCommerce’s solutions will only grow as the ecommerce model displaces brick-and-mortar shopping for even large home goods purchases,” says William Blake III, lead investor in the round and a partner at Beringea. β€œBy bringing bulky products that would otherwise end up in a landfill back into the circular economy, Rush ReCommerce is a platform for brands to profitably meet sustainability goals.”

Rush ReCommerce states it has processed more than 225,000 products with a retail value of $60 million and has helped save more than 5 million pounds of products from landfills. With its multi-faceted approach to tackle this problem, the company’s mission is to turn the negative aspects of returns into positives for retailers, suppliers, customers, and the environment.

Rush ReCommerce currently is working with 150 manufacturers and brands to handle their online return volume.

β€œOnline returns are a huge problem for ecommerce players,” says Doug Nielsen, co-founder and CEO of Rush ReCommerce. β€œThe returns create dents in the sellers’ customer experience and profits. We are working to pound out those dents. We’re excited to partner with like-minded investors who recognize this growing problem and are committed to helping support our mission.”