Announced after last night’s closing bell, Parisian refurbished electronics marketplace Back Market has raised €450 million in a Series E round. The fresh influx of fundings will be used to further the company’s growth plans, specifically in the US market. Since 2017, the scale-up has raised north of $1 billion, and as of May of last year, was sitting at a valuation of $3.2 billion, a number that has now risen to $5.7 billion.
Back Market, a popular online marketplace for refurbished electronic devices, has just raised $510 million in fresh funding from Sprints Capital, General Atlantic and several other prominent investors.
The Series E brings Back Market’s total valuation to a whopping $5.7 billion, which is nearly double what it was when the startup raised its $335 million Series D just seven months ago — an accomplishment that Lauren Benton, Back Market’s head of U.S. consumer and global supply operations, attributes to a massive shift in consumer behavior amid the pandemic.
The refurbished electronics company, Back Market, secured $510 million in funding on Tuesday from investor Sprints Capital. The funding makes Back Market now worth $5.7 billion.
The funding follows a $335 million Series D round last May and will be used to hire more people and expand the already growing customer base that spans 16 markets and five regions. Back Market co-founder and CEO Thibaud Hug de Larauze told ZDNet that a major focal point for the company this year would be expanding brand awareness and the benefits of refurbished devices.
Electronics refurbishing giant Back Market has raised a massive $510 million series E funding round at a $5.7 billion valuation, the company will announce tomorrow. This comes just eight months after raising $335 million in May 2021.
Apparently there’s big money in reselling used electronics.
In fact, according to Scott Luton, the founder and host of Supply Chain Now, the “recommerce market” is worth an estimated $40 billion a year, and is expected to double in the coming years.
French tech startups seem to be engaged in a furious race to the top. The latest victor in this frothy competition is Back Market, which has claimed the title of most valuable French startup on the heels of a $510m round announced today.
The refurbished gadget marketplace is now valued at $5.7bn, which tops the previous record of €4.4bn ($4.98bn) that neobank Qonto reported just yesterday following its €486m funding round.
LAS VEGAS — Valeo unveiled a third-generation, long-range scanning lidar during last week's CES that can "detect objects invisible to the human eye, cameras and radar" at distances of more than 650 feet. It also can enable self-driving at speeds of up to 80 mph.
France is undoubtedly one of Europe’s startup hubs and the tech ecosystem has been growing from strength to strength over recent years. Thanks to a combination of an influx of highly skilled young professionals, booming VC investments and an ecosystem that supports and promotes growth (including incubators and accelerator programmes), the country has the elements to mark itself as a giant on the global startup map.
La French Tech Booth Interviews CES Show 2022
French automotive manufacturer Valeo initiated its transition to electric mobility in 2021. Along with electric powertrains for cars, the firm diversified its offerings with the Smart E-Bike System, which was the first electric bicycle to implement an adaptive automatic transmission. Now, Valeo is branching out even further, revealing a new 48V electric motorcycle prototype at the Consumer Electronics Show 2022 in Las Vegas, Nevada.
The chip shortage is likely to persist through 2022, despite wishful thinking that it could ease by midyear, a semiconductor company executive says.
Synaptics (SYNA) Chief Executive Michael Hurlston says all signs point to the chip shortage continuing. The semiconductor industry is dealing with limited foundry capacity and chip demand remains "red hot," Hurlston told Investor's Business Daily.
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