With a valuation of 5.1 billion euros, the start-up is worth three times more than Fnac-Darty.
Back Market, the French specialist in the resale of refurbished products online, has just announced a new fundraising of 450 million euros. The round table carried out with Sprints Capital, Eurazeo, Aglaé Ventures, General Atlantic and Generation Investment Management, values the start-up at 5.1 billion euros. Or a valuation 3.2 times higher than the current market capitalization of Fnac-Darty.
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Back Market is surfing on the trend of refurbished products, smartphones, tablets, PCs, but also cameras, drones… nothing escapes it. The start-up has established itself in the landscape as a key player in reconditioned, a booming sector. Buying a refurbished product has many advantages. First, it reduces the environmental impact. It also generates jobs and allows consumers to save money compared to buying a new product, but without the uncertainties associated with the occasion.
A sector of the future
Anxious to preserve its brand image and to position itself as an environmentally friendly company, Back Market highlights its involvement in the European ecosystem. “78% of the 1,500 partner sellers present on its platform are European, 4% are Asian and 18% American. Back Market works today with 650 French companies which participate in the creation of thousands of jobs in France, in particular
in their region – from Hérault to Hauts-de-France, via Aquitaine and Brittany“, specifies Back Market, highlighting the importance of the sector for “the reindustrialization of France“.
With this new funding round, Back Market wants to develop new services around logistics and repair. It also wants to continue to develop industrial expertise “for the benefit of partner vendors such as device and spare part sourcing, test protocols, R&D“. An essential outstretched hand towards French refurbished manufacturers, while relations are sometimes strained between the marketplace and sellers.