An emerging retail sales outlet for refurbished phones, tablets and laptops has raised $48 million to help it expand.
Back Market, an online marketplace that recently entered the North American market, raised the money from Paris-based investment groups.
A three-year-old French online marketplace, Back Market provides a sales outlet for refurbishing operations. It works with companies that are willing to provide at least six-month warranties and are able to pass Back Market’s vetting process to ensure quality products.
E-Scrap News recently covered the company in more depth.
“This fundraising is a signal of maturity not only for Back Market, but also for the rapidly expanding refurbished market,” Thibaud Hug de Larauze, CEO and co-founder of Back Market, stated in a press release. “Our goal is to create a true global brand, with a name that is synonymous with the word ‘refurbished.’ Global leadership in this area is there for the taking, and speed is imperative. This funding makes it possible for us to rise to the challenge.”
The money came from investment company Groupe Arnault and its early stage investment program, Aglaé Ventures; Eurazeo, a global investment firm; and Daphni, which invests in European digital startups. All are headquartered in Paris.
Their funding brings the total investment in Back Market to $55 million to help it expand globally, including in North America. The company currently employs about 100 employees in offices in Paris; Bordeaux, France; and New York.
Back Market plans to sell products from at least 60 U.S. refurbishers during its first year in the U.S. market.
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