Refurbished laptops, phones, and tablets can be as much about 40% or cheaper than their brand new versions, working equally as well and, because they have been collected from the scrapheap, therefore are a great deal and at the same time being more environmentally friendly. Players working in this space consist of Back Market (raised €48M), Swappa (US) and Amazon Renew.
Insight about the Round
Refurbed, which is a marketplace for exactly these types of refurbished electronics is planning to take leverage on this growing market, after managing to raise a $17 million Series A round of funding which was led by Finland’s Evli Growth Partners. Almaz Capital, Bonsai Partners, All Iron Ventures and FJ Labs also joined the round as new investors. Existing investors Klaus Hofbauer and Inventure Partners also took part in the round.
The operation of Refurbed is active in Germany, Austria, Poland, and Italy, and is now planning to utilize the capital to expand its reach to additional markets in 2020, notably into the German market.
The startup’s refurbish devices are pushed through a 40-step renewal process and come with a 12-month guarantee. Founded in 2017, it now has over 150,000 customers throughout Europe with sales, its claims, increasing over five times in 2019. It claims to have also posted more than $45 million in gross merchandising volume.
Changing the Way We Consume
Co-founder of Refurbed, Peter Windischhofer, said: “Our mission is to bring one refurbished product into every household in Europe and change the way we consume as a society. This funding round is the next big step to reach our ambitious goal.”
Now the question arises, why is it that they think they can take on some of their bigger competitors? “We only work with the best merchants across Europe with the highest quality and superior customer service. This leads to the highest customer satisfaction in the industry (e.g 4.8/5 on Trusted Shops),” Windischhofer told TechCrunch.
Riku Asikainen, the managing partner of its lead investor Evli Growth Partners, added: “We admire the Refurbed team that manages to have a positive impact on the world and is financially successful at the same time.”
At the Green Alley Award 2018, Refurbed was ranked amongst the top 3 most sustainable tech startups in Europe and took second place in the Climate Impact Battle 2018 at the Slush Festival.
Hello, I’m Anna Yeo. If you like my news coverage, please drop a good word in my inbox. I’m journalist by profession and have been part of many major reporting across the globe. I like to write crisp and factual news. I have completed my masters degree in journalism. Feel free to contact me at [email protected]