Back Market, platform for refurbished tech gadgets, raises $335 million

(Reuters) – Again Market, a web-based platform for purchasing, promoting and servicing refurbished tech devices, mentioned on Tuesday it raised $335 million in its newest funding spherical which valued the corporate at $3.2 billion.

The corporate, began in France in 2014, goals to make it simpler for purchasers to purchase refurbished devices like iPhones with out having to fret that the vendor could also be peddling stolen or damaged items, mentioned Chief Govt Thibaud Hug de Larauze.

To make sure the standard of the refurbished-goods retailers, Again Market has a strict onboarding coverage, he mentioned. That features an acceptance charge to affix the platform of solely 30%, adopted by a gross sales restrict of 5 objects a day for 40 days to show their merchandise have low failure charges and their customer support meets the requirements.

“We principally take all of the suggestions from the purchasers. We make a top quality rating. After which because of that high quality rating, we solely push the perfect sellers to the top person,” mentioned Hug de Larauze.

He estimated the refurbished devices market is about $100 billion yearly, which incorporates most of the buy-back applications by smartphone and laptop computer makers. However there are nonetheless many segments like gaming consoles and sensible house merchandise that don’t have any quick access to the refurbished market.

To create vibrant markets for these items, in addition to smartphones, tablets and laptops, Again Market has launched a program for shoppers to promote their used devices on-line.

The newest funding spherical was led by non-public fairness agency Normal Atlantic and Technology Funding Administration, a sustainability-focused funding agency whose cofounder and chairman is former U.S. Vice President Al Gore.

Again Market has practically 5 million clients in 13 nations with 1,500 sellers on the platform.

Reporting by Jane Lanhee Lee in Oakland, Calif.; Enhancing by Matthew Lewis