Online refurbished technology marketplace Refurbed has closed a $57 million (€54 million) fundraising round as it seeks to grow its business.
The company, which has operated in Ireland since 2021, also said it expected to reach profitability here later this year.
The Series C investment round was led by Evli Growth Partners and C4 Group. All Iron Venture and Speedinvest also participated in the oversubscribed round.
“It’s great to see that people really see the circular economy as a big opportunity, not only from sustainability but also from a financial point of view. This investment clearly states that,” said co-founder Peter Windischhofer. “What’s been important for us is that we only work with investors who can actually help us in creating a business. And through that approach we actually have a very nice set of investors from different markets across Europe. We think it’s very important to have local expertise from investors to be successful in those markets.”
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The funding brings the total raised by Refurbed to date to $130 million, and will be used to expand the platform’s product offering to drive its goal of becoming the top platform for sustainable products and services. The company has already expanded beyond mobile devices into laptops, games consoles and household technology; among the new categories Refurbed plans to enter is sports, with electric bikes likely to be included.
The company expects to reach profitability as a whole next year. But it has already hit that goal in individual markets, with Austria and Germany, its original launch markets, hitting the milestone ahead of schedule in 2022.
That will come for the Irish market this year, Mr Windischhofer said, with continued investment planned. “We’re super happy with Ireland, we see the Irish consumers really like our products,” he said. “We see a lot of momentum in the market where people talk about us. Most of our customers are coming through word of mouth.”
