Technology

Back Market benefits from the development of the refurbished electronics market

The big fundraiser never ends at the beginning of the year. After PayFit, Ankorstore and Qonto, it is the turn of the French unicorn of refurbished electronic products, Back Market, to secure a financing of 450 million euros that allows it to continue growing in the refurbished market and develop new services.

Thanks to this financing, Back Market is now worth € 5 billion. This new fundraiser, completed with Sprints Capital in particular, follows a € 276 million funding round last May. It will hire more people and expand an already growing customer base spanning 16 markets and five regions. Back Market Co-Founder and CEO Thibaud Hug de Larauze told that one of the company’s main goals this year will be to increase brand awareness and benefits of refurbished devices.

“Our goal is to make refurbished electronics the first choice for technology purchases,” he says. “The support and trust of these funds, along with our growing customer base, marks an important milestone in the Back Market journey and, more importantly, for the circular economy as a whole. “

Back Market claims 6 million customers

Larauze’s Thibaud Hug stresses that refurbished devices account for a total of almost 6% of the annual electronic device market. A proportion that tends to increase, especially since this sector is not reserved only for individuals, but increasingly attracts professionals, led to equip themselves at home and subject to precise budgets. Back Market’s customer base has grown exponentially in recent years, from 1.5 million in July 2019 to 5 million in 2021 and 6 million in 2022. “The circular economy of opportunity is no longer a concept, it is happening, ”says the CEO.

One of the important factors in the growth of the remanufactured electronics industry is consumer awareness of the environmental implications of e-waste. According to Thibaud Hug de Larauze, five years ago only 3% of consumers used the second-hand market for ecological reasons. However, this figure has now risen to more than 25%.

Electronic waste reaches 50 million tons per year worldwide, according to the United Nations Environment Program, heavier than any airliner ever built. Thibaud Hug de Larauze estimates that in the next 10 years the electronics market will be 50/50, which means that half of the electronic devices purchased will be new and half will be refurbished. However, for this to materialize, companies must allow greater access to spare parts.

In France, regulations are evolving on this side. From January 1, 2022, the anti-waste law provides, in particular, new measures to facilitate the repair of laptops and smartphones. From now on, producers of electronic devices have, in particular, an obligation to ensure the availability of certain spare parts for their products sold on the market and thus extend the useful life of these products.

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