JAKARTA - Back Market, a French market dedicated to refurbished mobile phones and electronic devices, said on Tuesday, January 11, that it had closed its investment offering of 510 million US dollars (Rp 7.2 trillion), bringing its total valuation to 5.7 billion US dollars.
"The funding (...) strengthens Back Market's position as the leading refurbished electronics marketplace, with more than six million customers worldwide," the company said in a statement quoted by Reuters.
The latest investment offering was led by London-based private equity firm Sprints Capital, along with France's Eurazeo and Aglae Ventures, General Atlantic and Generation Investment Management.
Back Market said the additional funding would help it in its efforts to make circular technology - or reusable and more sustainable technology products - mainstream and capitalize on the growing demand among consumers for the product.
Although selling cellphones that can be said to be used but have been repaired, Back Market has a very large market in Europe, especially France. This makes many investors interested in funding the company in developing its technology, and market network.
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