Investors generous: – 54 million euros for second-hand electronics store Refurbed

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Online marketplace for reconditioned electrical appliances, Refurbed, has raised approximately €54 million in a third round of funding from venture capitalists Evli Growth Partners, C4 Ventures, All Iron Ventures and Speedinvest. Refurbed was able to secure its largest investment to date at a time when many start-ups are suffering from limited investor appetite for funding.

The online platform, founded in Vienna in 2017, offers updated smartphones, laptops, tablets, household appliances and e-bikes. Refurbed is currently active in Austria, Germany, Sweden, Italy, Ireland, the Netherlands and Denmark. The new funding round will mainly invest in expansion in Europe and customer satisfaction issues, according to company co-founder Peter Windischhofer.

People will also go to new countries. Windischhofer did not want to reveal any further details for the time being. The long-term goal is to become ‘the world’s leading marketplace for remanufactured electronic products in all areas of life, living and working’.

Goods sold for a billion euros
Within six years, retailers have sold refurbished electrical appliances worth a billion euros through the platform; the sales commission for Refurbed is around 10 percent. Details about annual turnover have not yet been announced. In the core markets of Austria and Germany, Refurbed achieved profitability in 2022, and the entire company should be profitable by the end of the year. “Our scalable business model allows us to grow profitably while making consumption more sustainable,” said Windischhofer.

Refurbed’s founder still sees great market potential because the majority of electronic devices that are no longer used are still living in drawers.

Since the company’s founding, Refurbed has raised approximately €116 million from investors with seed and Series A, B and C funding. After the current C financing round, founders Kilian Kaminski, Jürgen Riedl and Windischhofer still own approximately 30 percent of the company’s shares. An IPO or company sale is not a problem at the moment, says Windischhofer.

Source: Krone

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