Refurbed, the leading European refurbished electronics marketplace, recently announced the successful completion of its $54M Series B, bringing its total funding to $87M, and propelling its mission to become the global leader in certified pre-owned tech.
This is undoubtedly a milestone for the company, which has been working on streamlining the process of buying, selling, and trading pre-owned tech for years. In this article, we will cover how Refurbed is changing the electronics marketplace and why it has become the top destination for consumers and businesses.
European refurbished electronics marketplace Refurbed raises $54M Series B
Refurbed is a European marketplace for refurbished consumer electronics. It was founded in 2017 to make consumer electronic access more sustainable and drive circular economy models for large retailers, manufacturers and small businesses. Refurbed provides quality assurance and verified product reviews through its platform, making it one of the most reliable sources when buying pre-owned products online.
The company has recently closed a $54M Series B fund raise led by Target Global and supported by VCs such as Creative Ventures, Project A Ventures, Partech, Speedinvest and XAnge Private Equity. It has also been bolstered by new strategic angel investors such as Ronen Nir (former CFO at eBay), Jean-Daniel Guyot (founder of Vestiaire Collective) and Ridszard Hoeflinger (founder of Home24).
Today Refurbed operates in 5 countries across Europe with key markets being Germany and France. With this latest fund raise it plans to expand further into more European countries including Spain Italy and Poland. The company is also looking forward to growing its categories from consumer electronics to other categories such as household appliances, fashion & lifestyle products to provide users with an even wider variety of choice when shopping for their desired products on its platform.
Refurbed’s mission
Refurbed is a European refurbished electronics marketplace that aims to give access to high-quality pre-owned technology products. The company wants to ensure customers can purchase top-quality electronics products at substantially lower prices than the new versions, while reducing physical and digital waste of current production standards. Recently, Refurbed raised a $54 Million Series B funding round led by venture capital firm Atomico.
The money will be used to invest in developing the company’s state-of-the-art technology offerings and marketing capabilities, allowing them to expand their activity across Europe. It will also boost customer confidence as they continue working towards providing its customers with an entirely transparent shopping experience that includes accuracy regarding product description and warranty information on their devices.
Refurbed is now among some of Europe’s most prominent digital companies, aiming to challenge current standards in the market by offering better quality technology products at much more arousable prices. With its innovative approach, Refurbed hopes to revolutionize how consumers purchase refurbished electronics in Europe, contributing both socially and environmentally positively.
Refurbed’s Growth and Expansion
Refurbed, Europe’s leading marketplace for refurbished electronics, has announced a $54 million Series B raise. This is a major milestone for the company, looking to expand its operations into more markets across Europe and potentially beyond.
In this article, we’ll cover the company’s expansion plans and the implications for the electronics marketplace.
Refurbed’s Series B funding
In 2021, Refurbed, a European marketplace for refurbished electronics raised a successful $54 million Series B investment. Refurbed is on a mission to end planned obsolescence and is changing how people buy integrations. Thanks to its innovative business practices, Refurbed has achieved tremendous growth.
This funding comes from existing shareholders including Balderton Capital, Munich Venture Partners and EQT Ventures. The new round also includes participation from Atomico, the venture capital firm backed by Sky Australia billionaire Mike Fries and Taavet Hinrikus founder of TransferWise. The additional capital should help fuel growth plans in the next stage of development.
Part of the funds market will be used to promote Refurbed’s closed-loop process which integrates tight controls over quality standards and data-driven insights that ensure only certified products are sold on their platform. This raises consumer confidence and guarantees customers will receive refurbished products as good as new.
The funding will also allow expansion into other thriving segments like luxury goods, audio products and small kitchen appliances with zero landfill waste produced at every step along the way — including on the back end when equipment reaches its life expectancy. In 2021 alone, Refurbed saved more than 13 million kg of carbon emissions by selling 135 000 certified pre-loved devices which would otherwise had been destined for landfill sites around Europe.
Refurbed’s expansion plans
Founded in 2017, Refurbed, the European refurbished electronics marketplace, recently announced a successful Series B funding round of $54 million. This brings their total funding to $81 million and ranks them as one of Europe’s highest capitalized startups. Refurbed’s expansion plans center around creating a more ecofriendly platform by improving technology and expanding into the global marketplace.
The new funds allow Refurbed to expand their remit significantly, providing access to existing customers across 19 countries and adding six new countries – France, Austria, Belgium, Luxembourg and Sweden – in time for Christmas 2020. They will also increase their workforce by a quarter as they double down on eco friendly initiatives such as recycling products that are still in working condition but no longer sellable on the platform. In addition to this expansion, plans are also underway for an AI-driven customer app and building out an automated logistics system allowing customers to track orders from source through delivery at home.
Refurbed’s mission is to build a virtuous cycle for our planet’s electronic goods – where products with life left in them can be sold on without contributing towards landfill waste or pollution from new manufacturing processes. Through this clear vision of sustainability combined with impressive growth projections set against Europe’s largest collaboration of certified refurbishers, investors have been some of the first to back the initiative.
Refurbed’s Impact on the Electronics Marketplace
European refurbished electronics marketplace Refurbed recently closed a $54M Series B led by Lakestar, pushing Refurbed’s total funding to $63M. With this capital injection, Refurbed aims to lead the way as the biggest marketplace for refurbished electronics in Europe and beyond.
In this article, let’s explore how Refurbed has already been changing the electronics marketplace and what further changes can be expected shortly.
Refurbed’s competitive advantages
Refurbed, the European-based online marketplace for refurbished electronics, has recently raised $54 million in a Series B funding round. This brings the total funds raised by the company to $70 million and reinforces the impressive growth it has achieved since its launch in 2017. Refurbed is a major player in its current markets, but it is also leading the way in changing how people shop for and purchase refurbished electronics.
Refurbed stands out from its competitors by offering several competitive advantages that make it more appealing than traditional purchasing options. One of these advantages is that Refurbed provides an array of comprehensive warranties with all products—from basic one-year warranties to more comprehensive extended warranties—which can give customers added peace of mind when considering distant purchases. Additionally, all products sold on their platform are thoroughly tested and guaranteed to be indistinguishable from factory new devices without any performance deficiencies or defects.
Another advantage is convenient return policies, which sets Refurbed apart from most competitors as products are eligible for a full refund within 14 days (of delivery). Not only this but customers can also receive a refund within 45 days after purchase if they discover any post-purchase issues they are dissatisfied with. Such measures make Refurbed even more attractive as people shopping on their platform have many more safety nets than they typically find at local stores or dot com retailers.
Finally, completed orders are shipped fast with extreme efficiency at lower overall costs thanks to their use of advanced logistics optimization software designed specifically for online marketplaces dealing with consumer electronics products. Plus, all packaging materials and mediums used for shipping comply with international recycling and waste management standards outlined by both EU and US governmental bodies ensuring that our environment stays clean and healthy for future generations.
Refurbed’s impact on the European electronics marketplace
Refurbed, an innovative technology platform specializing in the European refurbished electronics marketplace, has significantly impacted the European market since its establishment in 2017. The company offers a wide range of refurbished products across numerous brands and categories, allowing customers to purchase reliable items from reputable sellers at competitive prices. Refurbed’s business model capitalizes on the growing demand for second-hand goods and an efficient supply chain for certified used devices.
In July 2020, Refurbed raised a $54 million Series B round of financing, including many prominent international investors such as EQT Ventures and IKEA’s venture arm. This funding went to further build out their leading online marketplace for second-hand devices in Europe where customers can easily buy or sell consumer electronics from one another through their website and app. In addition to this successful fundraising round, Refurbed acquired two of its strongest competitors — Back Market and Valore — in December 2020 as part of their ongoing strategy to grow their customer base and offerings across Europe.
This expansive growth within Refurbed’s business model has presented new consumer options in the European market for buying previously owned electronic items. With more consumer access comes increased competition among sellers offering discounts on certified pre-owned products such as cell phones, laptops, home appliances and other electronics. As a result, Refurbed has catalyzed better pricing throughout the market while providing consumers with access to trusted quality assurance certifications when purchasing refurbished electronics products from any seller they choose through their service.
Refurbed’s Business Model
Refurbed is a European refurbished electronics marketplace that has raised $54M in a Series B funding round. Refurbed’s business model strives to give customers access to certified recycled electronics at cheaper prices, intending to drive sustainability in the electronics marketplace. The company’s mission is to reduce electronic waste and offer an alternative way to buy electronic products.
Let’s discuss Refurbed’s business model in more detail.
Refurbed’s product offerings
Refurbed is an online marketplace for refurbished electronics products in Europe. The company offers customers pre-owned products that have been restored to showroom condition. Refurbed sells a variety of certified and warrantied devices, ranging across all major electronics categories such as smartphones, tablets, laptops, wearables, TVs and gaming consoles.
Refurbed carefully evaluates each device it receives and uses proprietary algorithms to rank the product based on quality. Refurbishers are graded from ‘A+’ to ‘D’ according to the level of refurbishment done on the device before sales. Refurbed also offers complimentary coverage with all its devices for 24hours after delivery. If anything doesn’t work within that timeframe, customers can return them for a full refund or exchange them for a different device from the same category.
The company has built a comprehensive supply chain network that combines traditional retail channels with global eBay vendors. This gives Refurbed access to large volumes of pre-owned electronic products at wholesale prices and helps it meet global demand quickly and effectively. Additionally, by offering pre-loved electronics on its platform, Refurbed can attract cost-conscious customers looking for great bargains on quality electronics devices that are otherwise unavailable or too expensive in customary retail channels.
Refurbed’s pricing model
Refurbed is a European refurbished electronics marketplace that works to eliminate waste, reduce customer prices, and lower business costs. The company has recently raised a $54M Series B round of funding. Their pricing model attempts to maximize customer savings while allowing businesses to sell their additional product inventory reasonably.
The Refurbed price per item is determined by reverse auctioning. Essentially, customers bid on an item through the online platform and then the winning bid provides a discounted rate on the device they wish to purchase. This allows them to get a refurbished product that meets their budget while still allowing businesses to recoup some of the cost of maintaining their products or disposing of them in an environmentally-friendly manner. By participating in this reverse auction process, buyers can be assured they are also getting value for their money and not paying unnecessary markups from resellers or distributors’.
The Reverse Auction system used by Refurbed also offers businesses additional benefits beyond controlling costs: it encourages resellers towards bulk purchasing at greater discounts, enables companies to move extra inventory quickly, and can help reduce warehouse space by making excess stock available quickly online. This makes Refurbed’s pricing model attractive for buyers and sellers because it benefits all parties involved – meaning everyone comes out ahead!
Conclusion
The recent influx of capital into Refurbed, a European refurbished electronics marketplace, demonstrates the potential for success in the second-hand tech space. This $54M Series B funding round signals the confidence of investors in the future of Refurbed and their ability to grow the global second-hand market for electronics.
With this investment, Refurbed is poised to greatly impact the refurbished electronics space.
Refurbed’s potential for growth
Refurbed, a European refurbished electronics marketplace, recently announced it has raised $54 million in its Series B financing round. The investment has enabled Refurbed to further expand their range of products and services, enabling them to become the go-to destination for refurbished electronics across Europe. This shows the company’s clear potential to continue growing and evolving as they continue to bolster their capabilities across the marketplaces they serve.
The funding round also saw notable investors such as EQT Ventures, Rabo Corporate Investments and Target Global join the table alongside existing investors LocalGlobe and DIG Investments. This marks an important milestone for Refurbed, who are revolutionizing Europe’s traditionally fragmented marketplaces sector by allowing consumers access a vast selection of electronics from certified vendors on one platform.
Refurbed’s approach has shown promise in recent years as they have grown rapidly with operations across six different countries. Additionally, the company attracted 6 million visits within 16 months of launching its website indicating an eagerness amongst customers wanting to purchase products at lower prices while ensuring that all products sold on the platform come from certified vendors and meet quality standards.
This latest funding round propels Refurbed into their next growth stage with ambitions to offer a wide selection of items in all categories on their website. More selection in all categories should enable even faster transaction times for customers looking for refurbished items while being cost-effective compared to purchasing new items in traditional markets, thus resulting in more people choosing Refurbed when seeking reliable and affordable electronics products within Europe.
Refurbed’s impact on the European electronics marketplace
Refurbed’s recent Series B rounds of funding to the tune of $54 million demonstrates how much this European refurbished electronics marketplace has been able to transform the tech-sales landscape. With a focus on bringing consumers and businesses pre-owned, but fully restored and certified products at competitive prices, Refurbed is helping bring affordability to customers across Europe, while also providing a platform for businesses to create more sustainable revenue streams through buyback and resale.
Furthermore, its commitment to the zero-waste circular economy concept leverages responsible manufacturing practices whereby excess waste produced is recycled back into usable commodities that are in turn used in the production of new products.
Through building an effective platform within this sector, Refurbed has been able to reduce consumption of valuable resources in an industry otherwise plagued with electronic waste issues and extend its capabilities into areas such as data destruction services, which further bolsters its mission towards increased sustainability.
Through its collaborative efforts with major players in the electronics industry culminating with the latest funds raised at Series B level, Refurbed stands well-positioned for even further growth in the future.
