Key Takeaways
- • Lillii RNB Inc., an Atlanta-based retail fraud detection, prevention and data services firm, closed a $3 million seed round co-led by Serena Ventures and Aperture Venture Capital, according to a Business Wire release dated May 3, 2022.
- • The company's Freeing Returns platform targets returns management and total retail loss, with the stated mission of reducing the more than $400 billion in annual retail loss.
- • Previous investors include Morgan Stanley, Pax Angels, 1863 Ventures, Bronze Valley and Atlanta-area angels Laron Walker and Rabieh Razzouk.
- • Over 90% of the company's earliest backers are managers of Black-led funds, per the company.
- • The seed capital will fund team expansion and further development of retailer solutions, with the stated goal of reaching retailers globally.
Summary
Lillii RNB Inc., a retail fraud detection, prevention and data services firm based in Atlanta, announced the closing of a $3 million seed round co-led by Serena Ventures, the early-stage venture firm founded by Serena Williams, and Aperture Venture Capital, according to a Business Wire release. The company said the round follows a pre-seed round closed in 2021 and is intended to expand its team and further develop its retailer solutions.
The company's proprietary Returns Management and Total Retail Loss platform, Freeing Returns, is designed to help retailers optimize returns processes and identify fraud and loss embedded in their own transaction data. Lillii RNB states its mission is to materially reduce the more than $400 billion in retail losses retailers absorb each year, attributing those losses to returns, fraud, hackers and bad actors. Since launching its cloud-based solution in 2020, the company says it has helped identify and prevent losses for in-store and online channels across grocery, clothing, sporting goods and electronics retailers. The platform uses machine learning and artificial intelligence to detect organized retail crime and help loss prevention teams respond quickly.
Previous investors include Morgan Stanley, Pax Angels, 1863 Ventures, Bronze Valley and Atlanta-area angels Laron Walker and Rabieh Razzouk. The company also said more than 90% of its earliest backers are managers of Black-led funds. Founder and CEO Barbara Jones-Brown described the round as validation of the company's momentum and said the capital would help retailers counter fraudsters and hackers.
Serena Williams, managing partner of Serena Ventures, said the investment aligns with the firm's vision of expanding access to resources. William Crowder, founder and managing partner of Aperture Venture Capital, said Aperture's thesis centers on diverse founders leveraging financial innovation, and characterized fraud and hacking as among the most significant barriers to business owner success. Terms of the round, including valuation, were not disclosed in the release.
The company's proprietary Returns Management and Total Retail Loss platform, Freeing Returns, is designed to help retailers optimize returns processes and identify fraud and loss embedded in their own transaction data. Lillii RNB states its mission is to materially reduce the more than $400 billion in retail losses retailers absorb each year, attributing those losses to returns, fraud, hackers and bad actors. Since launching its cloud-based solution in 2020, the company says it has helped identify and prevent losses for in-store and online channels across grocery, clothing, sporting goods and electronics retailers. The platform uses machine learning and artificial intelligence to detect organized retail crime and help loss prevention teams respond quickly.
Previous investors include Morgan Stanley, Pax Angels, 1863 Ventures, Bronze Valley and Atlanta-area angels Laron Walker and Rabieh Razzouk. The company also said more than 90% of its earliest backers are managers of Black-led funds. Founder and CEO Barbara Jones-Brown described the round as validation of the company's momentum and said the capital would help retailers counter fraudsters and hackers.
Serena Williams, managing partner of Serena Ventures, said the investment aligns with the firm's vision of expanding access to resources. William Crowder, founder and managing partner of Aperture Venture Capital, said Aperture's thesis centers on diverse founders leveraging financial innovation, and characterized fraud and hacking as among the most significant barriers to business owner success. Terms of the round, including valuation, were not disclosed in the release.
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