Toronto-based startup Frate has raised $3.6M CAD in an oversubscribed seed funding round led by Matchstick Ventures. With participation from 2048 Ventures, Whitecap Venture Partners, Closed Loop Venture Partners, and Better Ventures, Frate’s total funding now stands at $5.7M CAD.
The company’s returns automation platform helps retailers reduce return volumes and costs while addressing issues like return fraud. Frate’s solutions include AI-powered virtual condition assessments and personalized exchange recommendations. CEO Bailey Newton emphasized that this funding will allow further platform development.
Want to know more? Check out the source code here.