Back Market raises 41 million euros to conquer the U.S. market with its reconditioned products

Electronic products reconditioning is really appreciated, as shown by the start-up’s success. This one can indeed boast about having convinced its investors to grant it 41 additional million euros, a guarantee of the multiple possibilities it might have in the U.S.

No more electronic products thrown away, Black Market plays a part in sustainable development while proposing to give a second life to the electronic and electric products neglected by their owners, since 2014.

Via its platform, the start-up thus enables the users to sell their unutilised devices and buy those they want, reconditioned – which means refurbished to be resold – at lower prices from 30 to 70% compared to new models.

By reselling smartphones, tablets, laptops, television sets, hi-fi material, game consoles, household devices or connected watches, the start-up created by Thibaud Hug de Larauze, Quentin Le Brouster and Vianney Vaut ensures itself a bright future.

Their economic model strengths on a simple principle : Black Market is only an intermediary between the consumer and the reconditioning factories, the start-up does not ensure the service itself but it draws nevertheless 10% of the transaction.

Its way of functioning then allows an exponential development for the start-up with a turnover of 95.5 million in 2017, a progression of 220% in comparison with 2016.

The French company is, for now, present in five countries: France, Germany, Italy, Spain and Belgium.

However, the start-up’s leaders see today further than Europe and hope to make this newly raised 41 million their access key to enter the U.S. market. 2018 sure started in that direction for the start-up, with the opening of offices in New York, besides Paris and Bordeaux original ones.

For its third financing round, after 300.000 euros collected in 2015 and 7 million in 2017, the French start-up could count once more on well-known investors, such as Daphni funds, Aglaé Ventures ones, or the entrepreneur Thierry Petit, co-founder of Showroomprivé.com. In addition of those historical partners, the Arnault group and the Eurazeo investment company also invest.

The fund raising’s aim is clearly announced: to establish oneself on the United States market, to recruit tens of developers and thus, to make Black Market, a reference of the durable mode of consumption on an international level.

Credits : CC0 Licence

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.