Operating as a marketplace platform for refurbished devices, France-based Back Market has received $ 120 million investment from Goldman Sachs, Aglaé Ventures and Eurazeo Growth on its new investment tour.
Operating as a marketplace platform for refurbished devices, France-based Back Market has received $ 120 million investment from Goldman Sachs, Aglaé Ventures and Eurazeo Growth on its new investment tour. The company has announced that it will use its investment not to spread to new markets, but to increase the number of users in the regions it currently serves.
Back Market partners with certified vendors to upgrade devices and allows them to list their items on the site. The initiative offers a 12-month warranty option to every product purchased to secure sellers and avoid any trouble selling products. As of now, there are 1000 certified vendors using Back Market to sell refurbished devices. Back Market combines offer and demand in one online platform. The platform currently serves in the USA, France, Spain, Germany, Italy, Belgium, the UK and Austria.
With the new investment, the company will expand its quality control team and aims to provide some new services such as spare parts supply and test protocols for vendors around the renovation works.
Refurbished smartphones and gadgets offer great opportunities for years to come. Because when the costs are considered, the demand for new smartphones has been decreasing for a while. Second, many consumers are looking for ways to reduce their environmental footprint. At this point, smartphone manufacturers emphasize the recycling processes to a great extent. Third, Samsung, Apple and other smartphone manufacturers now sell ultra premium models that cost a small fortune. This pushes users to buy refurbished devices. Platforms such as Back Market are of great importance in this area.