British returns start-up ZigZag Global has received millions of pounds in a new funding round led by Silicon Valley venture capital firms.
Circularity Capital and Plug and Play were among the investors into the company, which provides software that allows retailers to manage returns, consolidation and resale of products.
ZigZag will use the money to further target bluechip retailers along the lines of existing customers Topshop, Selfridges and GAP. The money will also help it to develop its product offering.
The company plans to make use of Circularity Capital’s specialist network and insight into the “circular economy”, in which products are used as much as possible. As a condition of the investment, Circularity Capital partner Ian Nolan will join ZigZag’s board.
The total investment was not disclosed.
Al Gerrie, CEO and founder of ZigZag (pictured), commented: “Circularity Capital’s investment will play a key role in fueling our market growth. In addition to allowing us to reach more customers, the funding will allow us to further develop our product offering to deliver even more value for retailers.
“We placed significant emphasis on bringing on board an investor who brings more than just capital to the table,” he said.
Nolan of Circularity Capital said: “ZigZag has developed a powerful solution for retailers to addressing the growing challenge posed by e-commerce returns.
“Our investment in ZigZag is highly aligned with Circularity’s focus on using the circular economy to identify opportunities to drive financial value creation in parallel with positive environmental and societal impact.”
Image credit: ZigZag