Circular retail trade-in program EALYX secures €1M funding

This week, European SaaS platform for circular retail EALYX announced that it has raised €880,000, which it will complement with non-dilutive funding to complete an overall raise of €1 million. 

Established in 2023 in Spain, EALYX allows consumers to trade in their used items and instantly receive a discount on a new purchase. This innovative approach is the first of its kind in the e-commerce industry. 

Traditional trade-in programs only give you the value of your used item once it's been inspected. This can be a pain if you were hoping to use that cash towards a new purchase immediately. But EALYX works for a circular future where used items are a form of payment, enabling e-commerce to be at the heart of such a transaction. 

By leveraging existing Buy Now Pay Later solutions, the estimated trade-in value is instantly discounted from the new purchase. Once the traded-in product is physically validated, the consumer credit is paid off. This way, EALYX allows e-commerce to increase the recovery of used products with no financial risk while benefiting from giving consumers discounts during new purchases. 

In addition, the company will integrate multiple buyback partners to make the trade-in agnostic to the product category. With EALYX, it is possible to purchase a computer by paying in part with a used bicycle, for instance. 

“We are creating a new category, and with this capital raise, the company is well positioned to lead the space and prepare to grow internationally."

We plan to generate the first thousand of new purchases paid with used products in the coming months and grow our orders 8X by 2025,” explains Àlex Corbacho, co-founder of EALYX. 

The company is backed by Demium Capital, Archipelago Next, Ona Capital, First Drop VC (Impact fund), Coben Ventures, Lanai Partners, Plug&Play Ventures, and Tres Coronas Capital as well as top business angels like Fernando Cabello-Astolfi (co-founder and CEO of Aplázame and Devengo), Jaume Betrian (Founder and former CEO of Ofertia and former Managing Director of Flax & Kale), Iván Párraga (ex-CTO of Sequra), David Sanmartin (co-founder of Nothing), Amit Gilon and other business angels.  

This investment will enable EALYX to accelerate product development, expand its reach, and enhance its implementation.  

Lead image: EALYX. Photo: uncredited.