French greentech startup Back Market, a platform for buying refurbished electronic products, has raised €7 million. Investors include Daphni and Aglaé Ventures of the Arnault group.
The startup offers consumers an economical and ecological alternative to buying new products through recycling secondhand electronics. It currently works with over 130 factories and refurbishing workshops.
Launched in 2014 by Thibaud Hug de Larauze, Quentin Le Brouster and Vianney Vaute, Back Market helps consumers find refurbished smartphones, tablets, televisions, and secondhand appliances. The startup says it saves its customers 30 to 50 percent, compared to the price of new products, by selling refurbished electronics at a discount. The company also contributes the removal of more than 100 tonnes of electronic waste each year.
Back Market says it will use the new capital to accelerate its international development by opening in new countries by the end of 2017. Already, Germany, Spain, Italy and Belgium currently represent more than 30 percent of its business.
The startup also wants to develop new partnerships with manufacturers and distributors, in order to consolidate its position as a trusted third party. All of this will require expanding its workforce of 32, which it plans to double by the end of 2017.
Read more: Maddyness (French)