Austria-based Refurbed raises €44.7M to build the Amazon for refurbished products; here’s how

Austria-based Refurbed has raised $54M (nearly €44.7M) in a Series B funding round led by Evli Growth Partners and Almaz Capital. It saw participation from existing investors such as Speedinvest, Bonsai Partners, and All Iron Ventures, along with a group of new backers — Hermes GPE, C4 Ventures, SevenVentures, Alpha Associates, Monkfish Equity (Trivago Founders), Kreos, Isomer Capital, and Creas Impact Fund.

Last year, the startup secured $17M (approx €15.5M) in a Series A round of equity financing from Evli Growth Partners from Finland along with US-based Almaz Capital and FJ Labs, Spanish Bonsai Partners, and All Iron Ventures. Other investors such as Klaus Hofbauer and Inventure Partners also participated.

Fund utilisation

With the proceeds, the startup plans to strengthen its position in the DACH market for refurbished electronics, and it is also eyeing geographical expansion by entering more European countries. Refurbed is also looking to further develop and improve its product portfolio as well as focus on scaling its international team, employing specialists from all across Europe.

“We founded refurbed with a mission to get at least one refurbished device into every household in Europe, thus changing the way we consume electronic devices as a society.,” Peter Windischhofer, co-founder of Refurbed, says. “We’re extremely proud of the results we were able to achieve thus far and are set to keep on growing internationally to become the Amazon for refurbished products in Europe.”

After the launch of the marketplace in 2017, the company claims to have already saved 170 tons worth of electronic devices and subsequently managed to reduce the CO2 impact by 31,000 tons.

About Refurbed

Founded in 2017, Refurbed is an online marketplace for refurbished electronics that are tested and renewed in up to 40 steps, effectively functioning like their new counterparts. What interests the consumer is the fact these refurbished products are sold at 40% off along with a minimum warranty of 12 months. Refurbed claims to have grown by 3x and reached more than €100M in GMV, in 2020. The startup has raised its seed round in 2018, a $17M Series A in March 2020, and now closed a $54M Series B.

Refurbed operates in Germany, Austria, Ireland, France, Italy and Poland, with three other countries to be branched out to till the end of 2021. The company has more than 11,000 listed products on its marketplace from over 130 merchants and currently employs more than 120 people. Up to date, Refurbed has sold over 800,000 products through its platform, planting one tree in Haiti, Madagascar, Kenya, Indonesia, Mozambique or Nepal for every device sold.