Buyers can save funds on tablets & smartphones while also minimizing e-waste thanks to the back market located in Paris. The company sells refurbished PCs, tablets, and mobile phones, all of which have a six-month warranty. A thirty-day trial period is also offered to clients if the device does not satisfy their expectations. The back market specializes in repairing and reselling electrical gadgets made by Apple and Samsung. A Paris-based firm has raised more than half a billion dollars.
Back market’s worth has surpassed that of a year ago, reaching 5.7 billion dollars. Almost 80 percent of this market present value has been gained since can when it was valued at 3.2 billion dollars. There is a focus on Europe’s burgeoning startup ecosystem, which was previously considered an aside in the technology business. In this post, we have given a brief info about the online marketplace which is open to buyers to purchase refurbished gadgets from the unique platform. Read more to know the aspects of the following marketplace in e-commerce platform.
Used Products Originator Market Is Reducing The Dependence On New Gadgets
Humans produced 63.3 million metric tonnes of e-waste the year before. Secondhand devices and the freedom to repair are at the heart of the back market anti-consumerism campaign. The market has taught buyers since its open marketplace for reconditioned products launched in 2014 that new is not always better. Last year, it formed a partnership with Asurion to provide extended warranty repairs (on top of its standard twelve-month warranty) and launched a mobile app.
The back market customer base grew between five to six million in the second quarter of 2021. Refurbishers are being trained and certified as well as the organization is testing repair parts. Back market co-founder Vianney Vaute believes that “we are all at the start of a major movement.” Reconditioned electronics have changed dramatically during the last two decades.
The Refurbished Gadgets Business On Back Market Estimate Shows At 5.7 Billion Dollars
The back market is now value at 5.7 billion dollars after obtaining 510 million dollars in a Series E financing round. Refurbish electronic devices, mostly mobile phones, are purchase through the company. By the end of the month, the company had acquired a 335 million dollars Series D round of investment. The secondary market is a viable alternative to purchasing a new phone from a manufacturer or carrier for various reasons.
Rather than refurbishing devices in-house, the company uses third-party companies as sourcing partners. The latest round of funding is being led by Sprints Capital and includes existing investors. A few days ago, Qonto, PayFit, and Ankorstore announced that they had brought up countless euros. This year the market intends to triple its workforce from its current 650 employees. According to the company’s co-founder, the electronics business is expanding similarly to the used car-market. It asserts that sales of secondhand cars have increased three times as much as sales of new cars.
Refurbishes Gadgets & Generates Revenue
The company’s New York headquarters reported that the Paris-based back market had raised 510 million dollars in finance. The firm, which defines itself as a seller of refurbished electronic applications & gadgets, sells refurbished electronic appliances & equipment to buyers in 16 countries. The back market has garnered more than one billion dollars in investment since 2014. The online website items are less expensive and better for the world than new ones. There are fifteen nations where back market products are given like the US, the UK & Italy.
Investors like Generation Investment Management from San Francisco & Sprints Capital in London have lent money to the New York-based startup black market, headquartered in Bordeaux, France. In addition to its headquarters in Bordeau, France, the black market says to employ six-fifty people throughout its four offices in Berlin, New York, Paris, and Bordeau.
New York-Based Recycling Company Back Market Raising 510 million Dollars From Investors
Back market, the nation’s leading electronics repair business, will announce the receipt of 510 million dollars in series E funding, valued at 5.7 billion dollars. Eight months ago, the business brought up 335 million dollars in an initial public offering (IPO). It seems that reselling used technology might be a successful business. For Supply Chain Now host Scott Luton, the “commerce sector” is worth roughly 40 billion dollars a year and is expect to grow in the next years.
Anyone can buy and sell outdated smartphones, tablets, and smartwatches on the back market. The “fair” condition Galaxy S21 costs 474 dollars, while an “outstanding” iPhone 12 costs 593 dollars. As per the back market, only a small percentage of used electronics fail compared to brand new ones. It sells more than 200,000 items a month, as per its seller site. Over six million people use Back Sector’s services, and the company sees this as a critical step in expanding the electronics sector. It costs more than 2,000 dollars to buy an Apple top-of-the-line pro-iPhone, but back market phones fail at less than one percent.
Anyone can save much money by acquiring a used phone, especially if this is their first time getting one. Many individuals update their gadgets every 2 – 3 years, more often than many PCs. It makes sense when considering that most auto dealerships make more money selling used vehicles than new ones. Sprints Capital, a private equity firm, has invested 3.5 million dollars in the market, an online reseller of reconditioned laptops and desktop computers. According to the company, the shareholders will put the funds to keep up the investment in product quality and service while also expanding globally.
Frequently Asked Questions
In what year was the back market founded?
The back market was founded in 2014 and originate from San Francisco, California.
What is the average age of workers in this organization?
The back market’s workers are all in their late 30s or early 40s.
How many men and women work there?
Sixty percent of the members are men, while 40 percent are women.
What is the size of the back market company employees?
Over 600 individuals work in the back market.
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