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Byline: Clifford Carlsen
Texas startup Newgistics Inc. landed $16.5 million in second-round funding and a solid endorsement of its refocusing on the catalog industry as it advances a nationwide system for product returns.
The deal brings back previous investors Austin Ventures and AV Labs of Austin and R.R. Donnelley & Sons Co. of Chicago, and adds Downers Grove, Ill.-based Spiegel-Hermes General Service llc, a division of catalog giant Spiegel Group that was created last year as an outsourcer of mail order services.
The money will advance Newgistics' service, launched in December, and allow it to take existing operations to profitability.