PARIS (Reuters) – Back Market, the French market devoted to refurbished smartphones and digital units, stated on Tuesday it had closed an funding spherical of $510 million, bringing its whole valuation to $5.7 billion.
“The (…) funding cements Back Market’s place as a number one refurbished electronics market, with greater than six million clients worldwide,” the corporate stated in a press release.
The newest funding spherical was led by London-based non-public fairness agency Sprints Capital, along with France’s Eurazeo and Aglae Ventures, General Atlantic and Generation Investment Management.
Back Market stated the extra funding would assist it in its bid to make round expertise – or tech merchandise that may be reused and are extra sustainable – mainstream and faucet into rising demand amongst shoppers for such merchandise.
(Reporting by Mathieu Rosemain, Writing by Benoit Van Overstraeten; Editing by Susan Fenton)
