Refurbished phones, laptops and tablets could be up to 40% cheaper than their brand new versions, working equally as well and, because they’ve been saved from the scrapheap, are therefore an excellent deal more environmentally friendly.
Players in this sector include Back Market, Swappa and Amazon Renew.
Refurbed, a market for refurbished electronics plans to benefit from this rising market, after elevating a $17 million Series A seed funding round headed by Finland’s Evli Growth Partners. They’ve been joined in the round by Almaz Capital, Bonsai Partners, All Iron Ventures and FJ Labs as new traders. Beside, Existing investors Klaus Hofbauer and Inventure Partners raised its investments.
Refurbed is active in Austria, Poland, Germany and Italy, and now plans to make use of the capital to expand to additional markets this year, notably into the German marketplace.
The startup’s refurbished devices are repaired through a 40-step procedure and come with a 12-month guarantee. Started back in 2017, it now has more than 150,000 customers all through Europe with sales, with five-fold growth last year. It claims to have also posted over $45 million in gross merchandising volume.
At the Green Alley Award 2018, Refurbed was ranked among the top 3 most sustainable tech startups in Europe and took second place in the Climate Impact Battle 2018 at the Slush Festival.