Refurbed, an Austrian marketplace for refurbished electronics, has raised a $17 million Series A led by Finnish Evli Growth Partners. Almaz Capital, Bonsai Partners, All Iron Ventures and FJ Labs joined as new investors, while existing investors Klaus Hofbauer and Inventure Partners also participated.
Refurbed sells phones, laptops, and tablets that have gone through a 40-step refurbishment process, returned to like-new quality, and come with a year guarantee. The company says the products on its marketplace are “40 percent cheaper and 100 percent more environmentally friendly” than first-hand, brand new models.
“Our mission is to bring one refurbished product into every household in Europe and change the way we consume as a society,” said Peter Windischhofer, co-founder of refurbed.
So far the Vienna-based startup has 150,000 customers across Austria, Germany, Italy, and Poland. Sales grew over five times in 2019, and the company posted $45 million in gross merchandising volume (GMV).
“It’s very rare to see companies growing that quickly and maintaining profitable unit economics,” said Charlie Ryan, partner at Almaz.
In 2020 refurbed aims to pass $100 million in GMV. According to a press release, the company wants to conquer the German market and, with the help of the fresh funding, plans to enter three additional markets in Europe this year.