Back Market has raised a $120 million round of venture capital as it seeks to dramatically expand the market for refurbished consumer electronics. The investment round included Goldman Sachs, Aglaé Ventures, Eurazeo Growth, and Daphni and follows rounds of $48 million in 2018 and $7 million in 2017.
The Paris-based startup has created a marketplace to connect companies that restore used gadgets with consumers through a one-stop shopping experience, complete with warranties and customer service. While the company has seen meteoric growth, particularly since its expansion to the U.S., overall sales of used gadgets remain small compared to those of brand-new devices.
Cofounder and CEO Thibaud Hug de Larauze said the company’s long-term goal is to make refurbished devices the majority of consumer purchases. This feeds into its ambition of promoting the circular economy and reducing the tech industry’s impact on the environment.
“We are a mission-driven company,” said Hug