Back Market: Selling Refurbished Electronics

Back Market: Selling Refurbished Electronics
Source: Les Echos

Back Market sells refurbished electronics online to consumers in 6 European countries, the U.S and the UK. Thibaud Hug de Larauze, Vianney Vaute et Quentin Le Brouster co-founded the French startup in 2014.

Back Market has seen an explosion in activity since the lockdown in European countries. There has been an increase in e-commerce as people try to keep themselves busy during confinement and others shop for the necessary tools needed to work remotely. Refurbished second-hand products are becoming more popular as companies and consumers become mindful of their spending and on buying products that reduce their carbon footprint. The startup works with certified sellers and gets a 10% commission on each transaction that goes through its platform. The founders created a marketplace with thousands of refurbished gadgets available for consumer purchase.

In May 2020, Back Market raised $120 million from investors including Goldman Sachs, Aglae Ventures and Eurazeo Growth. This is the fourth funding round for the Parisian startup. Previously they raised a seed funding of €300,000 in 2015, and Series A of €7 million in May 2017 and Series B of €41 million in June 2018.

The company plans to use the latest investment to double its payroll to 600 people within two years. Additionally, Back Market plans to launch a new service called Back Repair, which will allow consumers to repair products near their homes, instead of having to send them back to the buyer when they have a problem.

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