Back Market Raises $510 Million at $5.7 Billion Valuation

Back Market is the company online marketplace where refurbished electronics are sold. Before selling a device, the company’s experts check and restore it. A specially developed grading system assesses both the appearance and technical conditions of the electronics.

The Series E funding round was led by Sprints Capital. Among other participants were such investors as Eurazeo, Aglaé Ventures, General Atlantic, and Generation Investment Management. In the previous Series D round in May the company raised $335 million.

Back Market, French-based, was founded by Thibaud Hug de Larauze, Vianney Vaute, and Quentin Le Brouster in 2014. The company’s mission is to build trust and desire for renewed devices. For the expertise, the Back Market attracts third-party companies which act as sourcing partners. Customers are on the other side; they buy devices with a 30-day money-back guarantee period. Now, almost 6 million customers bought electronics there. “Our goal is to make refurbished electronics the first choice for tech purchases. We expect to see a similar development in the electronics market as we have witnessed in the pre-owned car market in America”, co-founder and CEO Thibaud Hug de Larauze.

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