- French refurbished goods marketplace startup Back Market has raised $335 million.
- The online marketplace operates across 13 countries, including the US, Portugal, and Japan.
- The round was led by General Atlantic with participation from Generation Investment Management.
- See more stories on Insider’s business page.
Refurbished electronics marketplace Back Market has raised $335 million in fresh funding.
The company, founded in 2014, operates an online marketplace for refurbished electronic items across Western Europe and the US. Back Market itself estimates the market for refurbished electronics to be $80 billion annually.
The startup’s latest mega round was led by General Atlantic with the support of Generation Investment Management, as well as existing investors.
Back Market previously raised $120 million from investors including Goldman Sachs, Aglaé Ventures (the venture arm of Groupe Arnault), and Eurazeo Growth in May 2020.
“We’ve tripled our growth in the US since the last round and we want to keep the same pace,” Thibaud Hug de Larauze, CEO and cofounder of Back Market told Insider. “We’re investing to scale the platform to make each transaction seamless.”
Back Market has 1,500 sellers on its platform with around five million overall customers. “We have a lot of conviction in what the company is doing and believe they can be category leaders in what is a massive category,” Chris Caulkin, managing director and head of technology for EMEA at General Atlantic said. “Previously the company was very much a French business but now it’s a global business making buying second hand as convenient as new.”
Back Market recently launched in Finland, Portugal, Ireland, and Japan, taking the company’s operations to a total of 13 countries. The company will soon be opening its doors in Greece, Sweden, Slovakia and Canada to operate in 19 geographies overall.
Back Market is riding a trend towards re-using equipment rather than buying new products. In France, belief-driven consumers make up 65% of the market, while that figure is 59% in the US, as people look to buy more sustainably, per Edelman.
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