The Austrian Refurbed, a leading European marketplace for refurbished electronics promoting sustainable consumption, has raised a Series A round of equity financing from a group of reputable international investors. The lead investor of the round was Evli Growth Partners from Finland, with US-based Almaz Capital and FJ Labs as well as Spanish Bonsai Partners and All Iron Ventures also joining. Existing investors Klaus Hofbauer and Inventure Partners also participated.
Refurbed is an online marketplace for refurbished electronic products that are like-new. The products have at least a 12-month warranty, are up to 40 percent cheaper than new ones and positively contribute to a sustainable economy. The company was founded in 2017 and currently operates in Germany, Austria, Italy and Poland, serving more than 150,000 European customers. Sales grew over 5-fold in 2019, while the company posted more than USD 45 million in gross merchandising value (GMV). This year, Refurbed aims to reach more than USD 100 million in GMV.
Riku Asikainen, Founder and Managing Partner of Evli Growth Partners, sees Refurbed’s funding round as an important step not only for the startup itself but also for the whole Finnish technology field. “Even though the Finnish startup scene has developed significantly during the last decade, we haven’t had the capacity to lead international venture and growth capital financing rounds in Finland. However, I think this is necessary in order to build up our knowledge and networks to the major international investors and to, eventually, have more capital available to the best companies in the region. Refurbed’s financing round is one of the largest European equity funding rounds led by a Finnish investor and, thus, I believe it’s a big step forward for the whole Finnish startup ecosystem.”
Refurbed’s main goal is to promote sustainable business and circular economy by offering only refurbished goods. “Our mission is to bring at least one refurbished product in every European household and fundamentally change the way we consume as a society”, comments Peter Windischhofer, one of Refurbed’s founders. “This funding is the next big step on our journey towards our ambitious goal. We’ll use the funding to open up several new European markets”, continues Kilian Kaminski and Jürgen Riedl, who complete Refurbed’s founding team.
Kim Väisänen, Growth Partner in Evli Growth Partners, sees sustainability as one of the key reasons behind the investment decision. “We want to back companies that are building a truly better and more sustainable future. We think being environmentally friendly and sustainable is essential for a business to become highly successful. In particular, the youth of today is very open-minded for refurbished products. Refurbed is founded to build a more sustainable future and their strong vision is encoded deep in the company culture. We have followed the company closely since Slush 2018 and, after meeting them again in Slush 2019, the discussions moved forward very rapidly.”
For more information, please contact:
Riku Asikainen, founder and Managing Partner, Evli Growth Partners, tel. +358 50 2880, firstname.lastname@example.org
Evli Growth Partners
Evli Growth Partners is a Finnish venture and growth capital fund, investing minority investments in Nordic and European growth companies. The funding program of EUR 200 million is backed by five serial entrepreneurs who offer support and funding for growth companies in their scaling. The fund operates under the umbrella of Evli Bank, a Finnish listed company. More information: egp.fi.
Refurbed is one of the fastest growing marketplace companies in Europe, selling refurbished phones, laptops, tablets and other electronics which are up to 40 percent cheaper and 100 percent more environmentally friendly. Refurbed devices are renewed through a 40-step process and come with at least 12-month guarantee. The green-tech startup is active in Germany, Austria, Poland and Italy and will expand to additional European markets in 2020. More information: www.refurbed.com (in German).