French start-up Back Market has actually raised a new $120 million financing round from Goldman Sachs, Aglaé Ventures and Eurazeo Development. The business operates a market for refurbished smartphones and electronic devices devices.
Back Market does not refurbish devices in house. Rather, it partners with accredited sellers and let them list their products on the site. The start-up needs a 12-month guarantee in order to offer and reassure sellers on the platform.
There are now 1,000 licensed sellers utilizing Back Market to sell reconditioned goods. To put it simply, repair used to be a fragmented industry and Back Market is aggregating deal and need on a single online platform. It is presently reside in the U.S., France, Spain, Germany, Italy, Belgium, the U.K. and Austria.
With today’s financing round, the start-up doesn’t wish to broaden to a ton of new countries. Rather, it’ll double down on core markets, starting with the U.S., the U.K. and Germany.
The company will expand its quality control group and introduce brand-new services around refurbishments in order to manage a bigger portion of the stack. You can think about sourcing spare parts for sellers, presenting test procedures, and so on
. Reconditioned gadgets and mobile phones represent a huge chances for the coming years. First, need for new mobile phones have been progressively decreasing for a while. It’s difficult to justify purchasing a brand brand-new phone when your existing phone is still remarkably fast and capable.
Second, lots of customers have actually been looking at ways to reduce their ecological footprint. While mobile phone producers significantly highlight their recycling processes, an utilized gadget is constantly going to win versus a brand name new device.
Third, Samsung, Apple and other mobile phone producers now sell ultra-premium models that cost a little fortune. Lots of merely can’t pay for to purchase a device that costs more than $1,000. Those exact same devices are going to cost less in a couple of years on Back Market.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.