Back Market, the Paris-based online marketplace for refurbished electronics, has raised $120 million from Goldman Sachs, Aglaé Ventures (the venture arm of Groupe Arnault), and Eurazeo Growth.
“Back Market has a clear mission to build a category leader in the circular economy, supporting the world’s transition to more sustainable consumption,” says Alexandre Flavier, an investor at Goldman Sachs Growth.
Founded in 2014, the French company has built a marketplace where consumers can buy refurbished electronics, such as laptops and smartphones, from over 1,000 certified sellers and receive a 12-month warranty on all devices. According to a press release, new services around logistics and repair are in the pipeline.
Operating in France as well as Spain, Germany, Italy, Belgium, the UK and Austria, Back Market expanded into the US just before closing a $48 million round two years ago. The fresh funding will focus on strengthening the business in the US, UK and German markets. Additionally the company wants to strengthen its quality control, expecting to triple the size of its quality team, and build a new machine learning team to improve the marketplace algorithm.
Photo: Back Market founders Quentin La Brouster (CTO), Thibaud Hug de Larauze (CEO) and Vianney Vaute (Chief Creative Officer)