Draper commerce-technology company Redo raised $81 million in Series B funding at a reported $1.25 billion valuation, the company announced June 23, making it Utah's newest unicorn.

That crosses the threshold just weeks before Domo, one of Silicon Slopes' best-known software firms, agreed to sell for $400 million.

Smash Capital led the round, with existing investors Pelion Venture Partners and Cervin Ventures participating, according to a company press release. The capital will fund product development, AI initiatives and international expansion.

"When we started Redo, we thought we were solving returns," co-founder and CEO Sterling Snow said in the announcement. "What we learned from thousands of brands is that returns were only one piece of a much larger challenge. Every merchant is fighting to own the relationship with their shoppers."

Snow and co-founder Tay Brown launched the company in 2022 in Heber City before expanding to Draper. Its platform now serves more than 4,100 direct-to-consumer brands, with over 1,750 merchants using multiple Redo products. The company has grown from handling returns and exchanges into order tracking, package protection, fulfillment support, customer service tools and AI-powered shopping experiences.

Redo has already spent part of the new funding on its acquisition of ReturnBear, an international returns and fulfillment provider operating in more than 100 countries.

682 jobs pledged to Utah

The funding round follows a commitment Redo made to the state on July 10, 2025. The Utah Governor's Office of Economic Opportunity awarded the company a post-performance tax credit under the EDTIF program after Redo projected it would add 682 new high-paying jobs and invest $3.3 million in Utah over five years. The state estimated the expansion would generate $10.6 million in new tax revenue and $214.6 million in wages.

Draper assistant city manager Kellie Challburg said on July 10, 2025, when the tax credit was announced, that Redo's expansion "highlights Draper's appeal as a hub for innovative companies."

Corridor context

The unicorn milestone arrives weeks after Domo agreed to sell to Progress Software for $400 million, well below its peak public-market valuation. As we reported July 24, that deal marked a significant chapter for the corridor's older guard.

Redo's trajectory runs the other direction. The company landed on Forbes' 2025 Cloud 100 Rising Stars list as the first Utah-based startup to earn that distinction.

The company's EDTIF agreement calls for job-creation benchmarks over five years, with the tax credit awarded only after performance targets are met.