Refurbed, the European refurbished electronics marketplace, raises $54 million for its Series Refurbed is a European marketplace for used electronic equipment that has received a $17 million Round A capital Last year, it raised a five-year, $54 million Series B round led by Evli Growth Partners and Almaz Capital.
The investors are joined by existing investors, including Speedinvest, Bonsai Partners, and All Iron Ventures, as they are joined by a range of new investors, such as Hermes GPE C4 Ventures SevenVentures, Alpha Associates, Monkfish Equity (Trivago Founders), Kreos, Expon Capital, Isomer Capital, and Creas Impact Fund.
Refurbed is an Internet-based marketplace that sells used electronics that have been checked and then renewed. They are typically 40% less expensive than brand new and are backed by a 12-month warranty. According to the company, in 2020, the company’s revenue grew by 3x and surpassed greater than EUR 100 million GMV.
It operates with customers in Germany, Austria, Ireland, France, Italy, and Poland The startup is planning to expand into three additional countries before the end of 2021.
“We see enormous potential in Refurbed’s approach,” Riku Asikainen of Evli Partners said. “Refurbished contributes to the creation of a circular economy that is environmentally sustainable.”
Peter Windischhofer, co-founder of refurbed, has told me, “We offer lower costs and have a larger selection of products with a strong emphasis on the quality of our products. We concentrate on selling items that are new and attractive, which means we get happy customers who will recommend us to other people. “It makes people feel proud to purchase used products.”
The company offers 130 refurbishers on its marketplace.
Other companies in this market comprise Back Market (raised EUR 48 million), Swappa (U.S.), and Amazon Renew. Refurbed is also competing in the same space as Rebuy in Germany, as well as Swapbee within Finland.