Used device marketplace nets major capital - E-Scrap News

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Back Market works with 1,500 sellers on its used device marketplace platform. | OtmarW / Shutterstock

Back Market this week announced an investment round delivering the company $335 million, the latest large dollar figure raised by the refurbished electronics business.

The company, which entered the North American market with a New York office in 2018, has previously drawn significant investments. Back Market last year announced that several major financial backers put $120 million toward the company, and that followed a $48 million investment the company received in 2018.

Now, Back Market has received its largest investment yet, bringing in $335 million through a Series D investment round led by a global equity firm.

In a release, the company said its latest capital “brings Back Market past unicorn territory and further establishes the refurbished sector’s important place in the consumer electronics landscape.”

Although not performing refurbishment operations itself, Back Market provides a space where refurbished electronics, mostly smartphones, can be sold online. The company currently operates in 13 countries.

In the announcement, Back Market reported it has served nearly 5 million customers worldwide and that it works with 1,500 sellers on its platform.

The latest money comes from a handful of prominent financial institutions, including funds managed by Goldman Sachs, Generation Investment Management, Aglaé Ventures and more. Back Market CEO Thibaud Hug de Larauze said the investment reflects wider positive sentiment toward the secondary electronics sector.

“Our goal now goes beyond making renewed tech a viable option,” he said. “We want to make it the first choice for electronics purchases. The support and confidence of these prominent funds, together with our growing customer base, marks an important step in Back Market’s journey, and more importantly for the refurbished sector as a whole.”

The release added that Back Market has been valued at $3.2 billion.