Vienna-based marketplace for refurbished electronics, Refurbed has raised $54 million in a Series B funding round. Refurbed is addressing the significant environmental impact of the electronics industry, and put more usable tech back out into the market. The strong show of support from investors is expected to strengthen Refurbed’s position in the DACH region, as well as eyeball new market opportunities.
Operating in Germany, Austria, Ireland, France, Italy and Poland, Refurbed reports that since launching in 2017, they’ve saved 170 tonnes of electronic devices from an untimely death, resulting in a cumulative reduction in CO2 impacts by 31,000 tonnes. Over 800,000 products have been traded hands via the platform, with the company planting one tree in Haiti, Madagascar, Kenya, Indonesia, Mozambique, or Nepal for every device sold.
“We founded refurbed with a mission to get at least one refurbished device into every household in Europe, thus changing the way we consume electronic devices as a society,” commented co-founder Peter Windischhofer. “We’re extremely proud of the results we were able to achieve thus far and are set to keep on growing internationally to become the Amazon for refurbished products in Europe.“
Refurbed truly lives up to its name, with a 40 step process involved between “pre-loved” and “ready for sale” status. Some items are up to 40% cheaper than their retail counterparts, and a minimum 12-month guarantee is offered.
It’s this type of approach that’s led the firm to triple its growth numbers in 2020 and see a Gross Merchandise Value of over €100 million.
Refurbed’s recent round was led by Evli Growth Partners and Almaz Capital. Existing investors including Speedinvest, Bonsai Partners, and All Iron Ventures, all followed on, with newcomers Hermes GPE, C4 Ventures, SevenVentures, Alpha Associates, Monkfish Equity, Kreos, Isomer Capital, and Creas Impact Fund all signing on.