If you’ve tried selling your old smartphone on a refurbishment website, chances are you ended up with a dozen browser tabs comparing prices. French startup Back Market is taking advantage of this fragmented industry to create a marketplace and aggregate all refurbishers on a single online platform.
The startup just raised $48 million (€41 million). Groupe Arnault, Eurazeo, Aglaé Ventures and Daphni participated in today’s funding round.
Back in May, the company told me that it was working with over 270 factories. Back Market has generated over $110 million in gross merchandise volume over the past three years. The service is now live in France, Germany, Spain, Belgium and Italy. The company just expanded to the U.S.
“Before, refurbishment was just a thing for tech savvy people and tech bloggers,” co-founder and chief creative officer Vianney Vaute told me. “With Back Market, it becomes a mainstream alternative.”
Working with multiple factories is also a competitive advantage when it comes to pricing, fail rate and quality assurance. Back Market has an overview on the industry and can choose to work with some partners and leave underperforming ones behind. The startup needs to build a brand that consumers can trust.
While smartphones and laptops are …read more
Source:: TechCrunch Gadgets
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