We're excited to announce our investment in Renow, an AI-driven recommerce platform transforming e-commerce returns into scalable, sustainable revenue streams. Leading their €1.55M seed round, Greencode Ventures backs Renow's vision of turning returns from cost centers into profit drivers with zero waste.
"We're thrilled to lead Renow's seed round," says Terhi Vapola, Managing Partner at Greencode Ventures. "Their AI-powered solution tackles one of e-commerce's biggest pain points—returns—and transforms it into a scalable, sustainable business. We believe Renow is uniquely positioned to reshape how retailers and consumers think about recommerce."
About Renow
Founded in 2022 and headquartered in Helsinki, Renow operates an AI-driven recommerce platform connecting supply and demand for high-value durable goods through end-to-end automation. The platform integrates consumer returns and trade-in interfaces, AI-assisted warehouse grading, dynamic pricing algorithms, and curated multilingual marketplace connectivity.
Renow has processed thousands of products across 12 markets. In Q4 2024, they achieved six-fold annual growth and generated €368K in revenue with strong margins, demonstrating clear product-market fit and operational efficiency.
The opportunity
Europe's combined recommerce and returns markets exceed €160 billion—€75 billion in returns growing 20% annually and €94 billion in second-hand sales growing 8% yearly. Yet durable-goods recommerce remains fragmented with poor discoverability, inefficient logistics, and high waste rates.
We estimate a €50 billion addressable market for AI-powered platforms that unify inventory and automate workflows, transforming returns from cost centers into revenue generators while creating substantial value for retailers and resale operators.
The team
Renow is led by seasoned professionals with deep e-commerce, AI, and logistics expertise. Serial entrepreneur Kalle Koutajoki drives sales and partnerships, product expert Antti Ijäs shapes platform and AI strategy, CTO Hannes Junnila architects scalable systems and IoT integration, and UX designer Olli Savisaari builds seamless user experiences.
Their combined track record in building and scaling digital platforms underpins Renow's rapid progress and positions the company to execute ambitious growth plans.
The impact
Renow's automation reduces manual processing effort by 70% while boosting resale values to industry-leading margins. This efficiency drives strong financial performance—evidenced by their six-fold growth and plans to triple customer count by 2025—while advancing sustainability by keeping high-value goods in circulation and reducing e-commerce's environmental footprint.
What's next
With proven technology, strong early traction, and a clear expansion roadmap, Renow is ready to scale across Europe. This funding will accelerate their commercial team growth, deepen merchant integrations, and expand their AI capabilities to handle even more product categories.
At Greencode Ventures, we invest in companies that make sustainability profitable and scalable. Renow is transforming the recommerce landscape by automating every step of the returns-to-resale journey. As they scale their AI-driven platform and expand into new markets, we're confident Renow will drive a new era of circular e-commerce—making recommerce seamless, sustainable, and profitable.
We are here to invest in and support startups making a difference. Get in touch: hello@greencode.vc
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