New round of financing for the Back Market electronics marketplace
A woman in the homeware department. © zoranm / E + / Getty Images
PARIS (dpa-AFX) – Back Market, an online marketplace for remanufactured electronics, has closed a new round of financing. This increases the company’s valuation to 5.1 billion euros. The French company announced in Paris on Wednesday that it had received 450 million euros from investors to further expand its position in Germany and throughout Europe. The lead investor was Sprints Capital, a London-based investment firm that includes online payment service provider Revolut among its stakes in technology companies.
Back Market was founded in 2014. The company repairs and sells used electronic devices, including Apple smartphones and tablets (Apple share)
Company co-founder Thibaud Hug de Larauze stated that the company’s goal is to make remanufactured electronics the first choice when buying technical equipment. “We expect a similar development in the electronics market as in the used car market in America.” There, the sale of used vehicles has doubled compared to the sale of new vehicles.
With the money from the financing round, Black Market also wants to improve quality control on the marketplace. The average defect rate on the platform is now four percent. That corresponds almost to the average failure rate of new devices of around three percent./chd/DP/mis
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