Online electronics marketplace Refurbed has raised $54 million (€45.6 million) in a Series B funding round as the company seeks to build an Amazon-style retail offering for refurbished products.
The round was led by Evli Growth Partners and Almaz Capital, with existing investors such as Speedinvest, Bonsai Partners and All Iron Ventures taking part. A group of new investors – Hermes GPE, C4 Ventures, SevenVentures, Alpha Associates, Monkfish Equity, Kreos Capital, Isomer Capital and Creas Impact Fund – also participated.
The funding will support the company's international expansion, including in Ireland. Co-founder Peter Windischhofer said the company planned a large investment in Ireland, with a €10 million spend that would include a TV marketing campaign to raise awareness of Refurbed and a small number of jobs linked to the Irish market such as a country manager and a marketing manager.
Refurbed will also expand the range of products on offers, adding kitchen products, e-mobility devices, TVs and gaming devices, among others. The company currently has over 11,000 listed products on its marketplace from more than 130 merchants.
The company has big ambitions, aiming to put a refurbished device in every home in Europe. Mr Windischhofer said he is happy with the growth they have seen in Ireland but there is a lot more potential here as the benefits of refurbished devices become clearer to consumers.
40-step procedure
Refurbed’s refurbishment process includes a 40-step procedure to return products to factory condition before they are sold.
The business has also become more attractive to investors in recent years, with Mr Windischhofer noting investors are looking at more climate-positive businesses. “It’s very different now – investors really care about sustainability,” he said.
Last year saw Refurbed grow threefold, reaching more than €100 million in gross merchandise value. It now plans to double that to €200 million.
Founded in 2017 by Mr Windischhofer, Kilian Kaminski and Jürgen Riedl, Refurbed employs more than 120 people and operates in Germany, Austria, Ireland, France, Italy and Poland. There are plans to add three more companies planned by the end of the year.
The Austrian start-up launched in Ireland in March, following a $17 million (€14.3 million) Series A raise in 2020, and aimed to tap into a growing interest in Ireland in more environmentally conscious, affordable technology.
"We at Evli Growth Partners see the huge potential behind the way Refurbed contributes to a sustainable, circular economy and are thrilled to lead the Series B," Riku Asikainen at Evli Growth Partners said. "We are excited to support a mission driven company that is both financially and environmentally so successful."
