This news comes on the heels of its $510M Series E round. The funding will help Back Market fuel expansion, particularly in the US. Here are the top-line bullets you need to know.
Back Market, a reconditioned electronics marketplace, has raised $510M in a Series E. The round drew participation from Algae Ventures, Eurazeo, General Atlantic, Generation Investment Management, and Sprints Capital Management.
HOW’S THE COMPANY PERFORMING?
- France-based Back Market brings together buyers and sellers of refurbished smartphones, tablets, computers, and other electronics.
- The company reportedly facilitates the sales of over 200K devices every month — about 6M users have purchased a device on the company’s platform.
- It is currently supported by a team of 650 employees, and it maintains operations in 16 countries, including the US, Japan, and several European countries.
Source: Back Market
WHY DOES THE MARKET MATTER?
- The global refurbished and used mobile phones market is expected to reach a value of $143.8B by 2031, growing at a CAGR of 10.2%, according to Persistence Market Research.
- The market’s growth has been spurred by the rising adoption of consumer devices, the general trend towards recycling e-waste, and the economic slowdown caused by the pandemic.