Back Market raises €450 million, now valued at €5.1 billion
Refurbished electronics marketplace, Back Market, has announced a Series E funding round of €450 million led by new investor Sprints Capital and also involving existing backers.
It will use the cash to expand its operations in Europe and beyond.
Back Market Co-founder and CEO, Thibaud Hug de Larauze, says: “Our goal is to make refurbished electronics the first choice for tech purchases.”
“We expect to see similar to the same development in the electronics market as we have witnessed in the second hand car market, where sales of second hand vehicles have increased compared to new car sales in.”
“The support and confidence of these funds, together with our growing customer base, marks an important step in our journey, and more importantly, for the circular economy as a whole.”
Launched in 2014, Back Market brings professionally refurbished electronic devices and appliances to customers in 16 countries: the United States, France, Germany, the United Kingdom, Italy, Spain, Belgium, Austria, the Netherlands, and more recently, Portugal, Japan, Finland, Ireland, Greece, Slovakia and Sweden.
It employs a team of 650 employees across its four offices located in New York, Berlin, Paris and Bordeaux.
Henrik Persson, Sprints Capital’s Managing Partner: “Consumer demand for sustainable shopping is a trend that Sprints has been investing in for over a decade.”
“By prolonging the lifetime of millions of consumer electronics devices and providing low-cost access to the best products, Back Market changes the world for the better. The company is well positioned to become the global number one alternative to new tech.”
