Back Market snags $120m for refurbished devices marketplace

Back Market, which operates a marketplace for refurbished smartphones and electronics devices. has announced a new $120 million funding round from Goldman Sachs, Aglaé Ventures and Eurazeo Growth.

Founded in 2014, the French startup previously raised $55 million from Aglaé Ventures, Eurazeo Growth and Daphni.

There are now 1,000 certified sellers using Back Market to sell refurbished goods. It is currently live in the US, France, Spain, Germany, Italy, Belgium, the UK and Austria.

While it intends to continue its expansion worldwide, it will use the aforementioned cash to strengthen its position in existing markets with a particular focus on the US, UK and Germany.

The company plans to invest heavily in quality control, growing its team in this area to up to three times its current size. It is also building a machine learning team to improve its algorithm and introducing new services around logistics and repair.

Thibaud Hug de Larauze, CEO and Co-founder, Back Market, comments: “We have created a global brand and established a name that is not only synonymous with ‘refurbished’ but also with ‘quality’. With this round of funding, we are optimistic that we can reinforce our leadership in this market and have a lasting positive impact on consumers’ perceptions about refurbished devices.”

Alexandre Flavier, Investor, Goldman Sachs Growth, says: “Back Market has a clear mission to build a category leader in the circular economy, supporting the world’s transition to more sustainable consumption.”

“We are very excited to partner with Thibaud and his exceptionally talented team as they continue to execute on their ambitious growth plans and expand into new markets.”