While the world has changed a lot over the last couple years, the annual Consumer Electronics Show (CES) remains a reliable, must tune-in event for tech analysts and enthusiasts worldwide. After so many industry events forced to go virtual during the pandemic (including CES 2021), I was thrilled to be able to attend CES 2022 live and in-person. Especially in the realm of consumer electronics, virtual demonstrations simply cannot replicate the experience of being there in the room, seeing the latest gadgets up close and personal.
Back Market has joined France’s growing 2022 list of unicorns with mega funding this January, after reaching over €5 billion in valuation following a €449 million funding boost. This comes after a mega-funding round in May 2021 and reflects sustained belief in the young startup’s offering and French tech as a whole.
Refurbished electronics marketplace, Back Market, has announced a Series E funding round of €450 million led by new investor Sprints Capital and also involving existing backers.
It will use the cash to expand its operations in Europe and beyond.
Back Market Co-founder and CEO, Thibaud Hug de Larauze, says: “Our goal is to make refurbished electronics the first choice for tech purchases.”
Back Market, a popular online marketplace for refurbished electronic devices, has just raised $510 million in fresh funding from Sprints Capital, General Atlantic and several other prominent investors.
The Series E brings Back Market’s total valuation to a whopping $5.7 billion, which is nearly double what it was when the startup raised its $335 million Series D just seven months ago — an accomplishment that Lauren Benton, Back Market’s head of U.S. consumer and global supply operations, attributes to a massive shift in consumer behavior amid the pandemic.
The refurbished electronics company, Back Market, secured $510 million in funding on Tuesday from investor Sprints Capital. The funding makes Back Market now worth $5.7 billion.
The funding follows a $335 million Series D round last May and will be used to hire more people and expand the already growing customer base that spans 16 markets and five regions. Back Market co-founder and CEO Thibaud Hug de Larauze told ZDNet that a major focal point for the company this year would be expanding brand awareness and the benefits of refurbished devices.
Electronics refurbishing giant Back Market has raised a massive $510 million series E funding round at a $5.7 billion valuation, the company will announce tomorrow. This comes just eight months after raising $335 million in May 2021.
Apparently there’s big money in reselling used electronics.
In fact, according to Scott Luton, the founder and host of Supply Chain Now, the “recommerce market” is worth an estimated $40 billion a year, and is expected to double in the coming years.
French tech startups seem to be engaged in a furious race to the top. The latest victor in this frothy competition is Back Market, which has claimed the title of most valuable French startup on the heels of a $510m round announced today.
The refurbished gadget marketplace is now valued at $5.7bn, which tops the previous record of €4.4bn ($4.98bn) that neobank Qonto reported just yesterday following its €486m funding round.
Back Market, a startup that sells refurbished tech like iPhones and games consoles, has raised $510 million in new funding.
PARIS, Jan 11 (Reuters) - Back Market, the French marketplace dedicated to refurbished smartphones and electronic devices, said on Tuesday it had closed an investment round of $510 million, bringing its total valuation to $5.7 billion.
"The (...) funding cements Back Market's position as a leading refurbished electronics marketplace, with more than six million customers worldwide," the company said in a statement.
Back Market, an online marketplace that sells refurbished iPhones and other electronic devices, has raised funding that boosts its valuation to $5.7 billion, leapfrogging what it was worth less than a year ago, according to the company and its investors.
Founded in 2014, Back Market fixes and resells electronic goods, including Apple and Samsung smartphones and tablets, MacBook, Dell and Microsoft laptops, Krups coffee makers and Dyson hair dryers.
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