Venture Capital: Refurbed, A Platform For Refurbished Electronics, Nabs $54M
Refurbed plants one tree for every refurbished device sold.
Refurbed, a Vienna-based startup that sells refurbished electronics on its platform, has raised $54 million a Series B round led by Evli Growth Partners and Almaz Capital. Existing investors including Speedinvest, Bonsai Partners, and All Iron Ventures, all participated. New investors Hermes GPE, C4 Ventures, SevenVentures, Alpha Associates, Monkfish Equity, Kreos, Isomer Capital, and Creas Impact Fund also came on board. (Tech.EU)
Refurbed and sustainability
Peter Windischhofer, Kilian Kaminski, and Jürgen Riedl founded Refurbed in 2017 in Vienna. Their mission is to make refurbished electronic goods acceptable across Europe and to contribute to a more sustainable world.
The marketplace currently operates in Germany, Austria, Ireland, France, Italy, and Poland.
The startup has enabled the refurbishment of 170 tonnes of electronics, thereby preventing them from landing up in landfills or scrapheaps. This has reduced CO2 emissions by 31,000 tonnes. The firm has planted one tree in Haiti, Madagascar, Kenya, Indonesia, Mozambique, or Nepal for every device it has 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.
Meanwhile, Refurbed also takes care to delight customers. It offers a 12-month guarantee on every product sold. Prices can be as much as 40% cheaper than retail, while the company claims it follows a 40-step refurbishment process.
In 2020, Refurbed clocked a gross merchandise value of more than 100 million euros and tripled its growth rate.
Use of funds
The startup will use the new funds to rapidly expand across Europe. It plans to enter three new markets by the end of 2021 and boost its workforce by 50 people in the coming months.
Related Story: Back Market, Which Refurbishes Devices, Nabs $335M
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