With funding from Goldman Sachs, Aglaé Ventures (the venture arm of Groupe Arnault), and Eurazeo Growth, the online marketplace is poised to further solidify its leadership position in the refurbished device market
NEW YORK, NY / ACCESSWIRE / May 5, 2020 / Back Market (www.backmarket.com), the premier global refurbished electronics marketplace, has announced a funding round of $120 million from investors Goldman Sachs, Aglaé Ventures, and Eurazeo Growth, joining Daphni as backers of the Company, continuing to tap into an $80 billion-plus opportunity by selling refurbished electronic devices and appliances (smartphones, tablets, laptops, and other products) directly to increasingly eager consumers.
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- A steady shift in mindsets and markets brings big investors to the table, showing that the circular economy model is here to stay.
- The marketplace currently works with over 1,000 professional refurbishers to bring devices to consumers in eight countries with plans to continue to expand.
- The new funds will be used to continue strengthening Back Market’s position in existing markets with a core focus on the United States, United Kingdom and Germany.
About Back Market
Launched in 2014 by Thibaud Hug de Larauze, Quentin Le Brouster, and Vianney Vaute, Back Market is the first marketplace focused on bringing thousands of refurbished electronic devices and appliances from certified professional sellers to consumers. The company currently operates in 8 countries (The United States, France, Germany, Italy, Spain, Belgium, and recently, the United Kingdom and Austria). It employs a team of about 280 employees across its 3 offices located in Paris, Bordeaux, and New York.
About Goldman Sachs Merchant Banking Division.
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities, and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm’s long-term principal investing activity. MBD is one of the leading private capital investors in the world with investments across private equity, growth equity, infrastructure, private debt, and real estate.
About Aglaé Ventures
Aglaé Ventures is an international venture capital firm based in Paris, New York and San Francisco backed by Groupe Arnault, the controlling shareholder of LVMH. Aglaé Ventures invests from € 100K up to € 100MM in asset light activities and fast-growing technology companies at all stages. Over the past 20 years, Aglaé and its affiliates have backed some of the most iconic global technology companies including Netflix, Slack, Spotify, Airbnb and many others.
With a diversified portfolio of approximately €16 billion in assets under management, including €10 billion from third parties, Eurazeo is a leading global investment company with offices in Paris, Luxembourg, New York, Shanghai, and Sao Paulo. Its mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. As a global long-term shareholder, the firm offers deep sector expertise, a gateway to global markets, and a stable foothold for transformational growth to the companies it supports.
Daphni is a European VC firm that invests in user-oriented startups with European DNA and strong international ambitions. The company is supported by the daphnipolis, a closely-knit community of 300+ entrepreneurs, executives, academics, artists and advisors, and a digital platform to ensure both efficiency and full transparency. The firm was established in 2015 and is based in Paris, France.
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SOURCE: Back Market
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