Parisian refurbished electronics marketplace Back Market has raised $335 million in a Series D round led by General Atlantic. The round also saw participation from Generation Investment Management, as well as existing investors Goldman Sachs Growth Equity, Aglaé Ventures, Eurazeo and daphni.
Founded in 2014 by Thibaud Hug de Larauze and Vianney Vaute, Back Market currently has a valuation of $3.2 billion, counts almost 5 million customers, and approximately 1,500 sellers on the platform.
With sustainability now a topic on everyone’s mind, the questions of “what happens to my old(er) stuff?” and “do I really need the absolutely newest version of X?”, have helped catapult Back Market to the lofty position it holds. And investors have taken note.
“Renewed electronics are already the more cost-effective and more sustainable choice versus buying new; now that we are beginning to successfully eliminate the gap in quality, we are gearing up to go toe-to-toe with the $1.5 trillion new device market,” comments Hug de Larauze.
The company is reporting a firm commitment to quality, often an, “on second thought,” worry for consumers. To the end, Back Market offers its sellers specific merchant services that provide for the sourcing of top-quality replacement parts.
“Our goal now goes beyond making renewed tech a viable option. We want to make it the first choice for electronics purchases. The support and confidence of these prominent funds, together with our growing customer base, marks an important step in Back Market’s journey, and more importantly for the refurbished sector as a whole,” concludes Hug de Larauze.
Editors Note: Any company that lists a Wikipedia link to Deep Fried Mars Bars in its footer is A-OK in my book.
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