Paris-based Back Market introduced at this time that it has raised $48 million in enterprise capital as the marketplace for used and refurbished devices continues to soar.
The funding comes because the French firm has recently launched it marketplace for previously-owned client electronics within the United States. The firm launched three and a half years in the past and gives a market for refurbished gadgets to match corporations that restore devices with customers.
“This fundraising is a signal of maturity not only for Back Market, but also for the rapidly expanding refurbished market,” mentioned Thibaud Hug de Larauze, CEO and co-founder, Back Market, in an announcement. “Our goal is to create a global brand, with a name synonymous to ‘refurbished.’ Global leadership is there for the taking, and speed is imperative. This funding makes it possible for us to rise to the challenge.”
The newest spherical was led by Groupe Arnault, the umbrella firm of Bernard Arnault, the bulk shareholder of Christian Dior and LVMH. It additionally included earlier traders, Eurazeo, Aglaé Ventures and Daphni.
The firm has now raised a complete of $55 million. It operates in 6 nations and reported making a revenue final yr on $100 million in gross sales. While gross sales of refurbished devices are inclined to dominate , the positioning additionally sells tablets and laptops, amongst different gadgets.
Refurbished electronics usually are a increase market, accounting for one in 10 smartphones bought within the U.S. final yr, in keeping with market analysis agency Counterpoint.
Back Market works by partnering with and vetting the rising variety of manufacturing facility operations that purchase and refurbish client electronics. The website centralizes this vast community of producers after which permits customers to go looking by means of all of the listings in a single place.
“Back Market brings a game changing approach to address a real market need, and is well aligned to leverage a tremendous market opportunity in the refurbished goods space,” Pierre-Yves Meerschman, Partner and Co-Founder, Daphni, mentioned in an announcement. “The company’s leadership position is not only based on a well-tuned business strategy, but it is enhanced by being a socially responsible company that we are proud to be associated with.”