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A Paris startup benefits significantly from increased demand in recent years.
Founded in 2014, Back Market is currently available in eight countries (USA, Austria, Belgium, United Kingdom, France, Germany, Italy, Spain), it has offices in the USA. USA And it is available in French, English, German and Spanish. It also has a website. The service is practically an online marketplace for used electronic products. The devices on offer would be made in the landfill without inspection, possible renewal and repackaging. The company offers a 36-month warranty on each device.
Back Market CEO Thibaud Hug de Larauze and two other co-founders, Quentin Le Brouster and Vianney Vaute, recently raised € 100 million in fresh venture capital under a funding round led by Goldman Sachs. Investors included Groupe Arnault behind LVMH, Aglaé Ventures, Christian Dior, and Eurazeo Growth. The two French companies have been co-owners of BackMarket, which recently received more than € 45 million in a funding round in June 2018. The company plans to invest € 15 million in Germany in the near future and hire 20 employees in relationships. with customers and logistics.
Laptops, tablets and consumer electronics are the most sought after. Hug de Larauze reported that consoles and video games were practically out of stock. Back Market in Europe works with hundreds of workshops that restore used devices and can offer them for sale on the platform without having to participate in sales.
Hug de Larauze believed that, despite the successes, the affected devices needed to be made even more attractive so that they were not thrown away or put on the shelf. Incidentally, demand is so high that even the biggest brands can no longer ignore the market. More and more users are open to used but high quality and guaranteed products. According to the manager, from an ecological point of view, it’s just crazy that people use something for two years and then throw it away.
Focusing on testing used smartphones and summarizing the results, OptoFidelity showed last February that it is increasingly worth buying a used smartphone because the devices are so much more morally outdated than physically.
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