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Refurb Marketplace Back Market Raises $48 Million

Refurb Marketplace Back Market Raises $48 Million

Back Market, a marketplace exclusively dedicated to refurbished electronic products and appliances (smartphones, tablets, laptops, and other products), closed a funding round totaling $48 million. The three-year-old ecommerce startup received backing from investors Groupe Arnault, Eurazeo, Aglaé Ventures, and Daphni.

On Back Market, consumers purchase electronics that are priced 30 to 70% lower than new directly from certified refurbishers, distributors, and name brands that refurbish, verify, and offer a minimum six-month warranty to all of their products. The company’s innovative model has enabled it to expand from Europe to the United States, where it launched in 2018.

Back Market plans to use the funds to fuel further global expansion.