🇫🇮 Renow raises €1.8 million to disrupt Europe’s €160 billion return and second-hand market with AI-powered recommerce platform

Finnish startup Renow offers “returns as a service” to merchants, enabling faster, more efficient resale of returned goods. Already partnering with several Nordic e-commerce platforms, Renow turns product returns from a lengthy and costly logistical challenge into an opportunity, giving consumers access to nearly new products at discounted prices in a matter of days.

HELSINKI, Finland (June 17th, 2025)

Renow, the Nordic startup modernizing how returned and second-hand goods are handled and resold, has raised €1.8 million in seed funding to expand its AI-powered recommerce platform across Northern Europe, opening new hubs in Sweden and Norway, and aiming to launch in the Danish and Beneluxian markets. The round was led by Greencode Ventures, with continued support from existing investors Superhero Capital and Street smart Capital.

Renow offers merchants a complete solution for product returns, encompassing remote inspections, grading, and resale. This service eliminates the need for merchants to invest in their own infrastructure. Its freemium software tools and third-party logistics (3PL) network enable merchants to process returns locally and resell them quickly through Renow’s marketplace or whitelabel outlet platforms.

Renow’s platform uses agentic AI to support merchants throughout the entire return and resale process. It helps customers initiate returns by collecting accurate data, assists warehouse teams in quality grading, and generates detailed product cards for resale. This AI layer reduces manual effort, providing merchants with faster turnaround times and improved control over inventory.

“Returns are a massive operational challenge for retailers. Returned products often spend months in warehouses, require manual quality grading, and are sold in bulk at poor prices. This means merchants lose money, and consumers don’t get access to nearly new products. Our vision is to eliminate middlemen in the traditional second-cycle supply chain and make recommerce mainstream. Our logistics process, AI-assisted quality assessment, and resale platform turn returns from a headache to a viable and cost-efficient opportunity for ecommerce platforms,” says Kalle Koutajoki, CEO and co-founder of Renow.

The European product return and second-hand market exceeds €160 billion annually, combining an estimated €70–80 billion in ecommerce returns and €94 billion in second-hand goods. Renow addresses both segments by helping merchants reduce turnaround time and resell open-box products through a curated outlet, where product descriptions are verified through the AI product quality grading process. Items are resold with standard buyer protections, including a 12-month warranty. The company’s platform also offers trade-ins, allowing customers to sell their own products for discounts on new items or receive cash returns.

The company’s approach contrasts with traditional models that centralize logistics or rely on bulk resale to wholesalers. Instead, Renow supports decentralized processing through local third-party logistics hubs, giving merchants significantly faster turnaround and less waste. This positions it as a differentiated alternative to competitors like Foxway, with faster time-to-market and flexible resale options, without large logistical overheads from its own logistics and warehousing operations.

“The circular economy is vital for reducing waste, and Renow addresses this by efficiently re-selling returned goods. With a strong focus on electronics and hard goods, Renow’s deep supply-side integration and automated operations position it well for the rapidly growing recommerce market, particularly in the Nordics,” says  Terhi Vapola, Founder & Managing Partner at Greencode Ventures.

Renow already supports well-known Nordic retailers and marketplaces with operations in Finland, Sweden, Norway, and upcoming launches in Denmark and the Benelux.

Renow’s model is designed to extend product lifecycles and promote reuse, while also focusing on building the infrastructure that makes recommerce commercially viable for merchants. The company is currently growing 6x year-over-year. The new capital will be used to expand Renow’s platform and logistics partner network, as well as to grow its sales and product teams across Northern Europe.

For additional information:

Media kit with pictures

Kalle Koutajoki, CEO

Renow
[email protected]

Antti Ijäs, CPO

Renow
[email protected]

About Renow 

Renow is an AI-based recommerce startup that has created a unique way to build marketplace supply. Renow disrupts the supply chain through virtual warehouses and a grading engine offered with a freemium model for retailers and 3PLs. For consumers, Renow sells high-quality 2nd-cycle products directly from top brands at discounts. Renow’s vision is to make recommerce mainstream and decrease waste.

About Greencode Ventures 

Greencode Ventures is a pan-European VC firm specialising in green transition with rapidly scaling digital solutions that create impact within this decade. Greencode focuses on Seed to Series A investments, supporting solutions that reduce emissions, save resources, and increase efficiency by using advanced technologies such as AI. These investments drive green transition across energy, mobility, industries, and the built environment. The team of this expert fund brings a proven track record of investing in and operating companies with deep expertise in energy, transport, sustainability, and digital ecosystems.