After two successful rounds in series A and B funding, smartphones re-conditioner Recommerce has hit the February jackpot with a new 50€ million euros (62$ million) C series funding, announced earlier this month. Venture investors Capzanine and Creadev were convinced by what seems to be rapidly becoming a whole new market in itself!
A pioneer of smartphone reconditioning since 2009, Recommerce has strongly contributed to turning a niche market into a fast-growing industry. The company has been working with mobile providers and operators from the beginning, offering IA driven tech solutions and innovative commercial services. Recommerce has also engaged and succeeded in ambitious mobile takeover programs, helping the advanced-stage startup to become fully established and grow its activity.
As a result, 60,000 mobile phones a month are now reconditioned, making the company an unrivaled number 1 in France with more than a 50% market share and what’s more a model of sustainable economy. “Our latest funding shows the growing interest of VC investors in the circular economy. As entrepreneurs we are proud to be contributing to the development of a more virtuous society” says Benoît Varin, co-founder of Recommerce. With reliable, sustainable and guaranteed products at a fair price, and a client service on the same standards as for new products, Recommerce has hit the right slot between high-priced smartphones and a second-hand market often seen as untrustworthy.
With this new funding, the Paris-based company aims to boost its brand awareness in the consumer market, structure a vital growth phase and expand internationally, across Europe and the US, essentially through an acquisition strategy. And Recommerce is now ready to prove that it can become the European leader with first hand mobile solutions!
Other top February fundings
Cityscoot the startup that launched the easy access electric city scooter hire in Paris raised 40M€
Prophesee, the deep tech startup that specializes in an artificial vision system, clenched 15M€ from international investors
Tinyclues raised 14.5 M€ to further develop AI-based high-target marketing
AnotherBrain, the startup founded by the inventor of Nao and Pepper robots, raised 10M€ to further develop chips equipped with new generation AI.