Refurbished tech marketplace Back Market has launched in Ireland after announcing a €276m Series D investment round.

The company brings professionally refurbished electronic devices and appliances to customers around the world and provides a platform for over 1,500 vendors.

Back Market says the secret of its success — it is one of the main players in Germany, France and Spain — is rigorous quality control and high standards of customer service. It claims that the defective rates of products sold on its platform is now down to 5%, not too shabby when compared with the (unofficial) failure rate of new devices of around 3%.

Co-founder and chief executive Thibaud Hug de Larauze said: “Renewed electronics are already the more cost-effective and more sustainable choice versus buying new. Now that we are beginning to successfully eliminate the gap in quality, we are gearing up to go toe-to-toe with the $1.5 trillion new device market.”

The Series D round is led by General Atlantic, with the support of Generation Investment Management, as well as existing investors Aglaé Ventures, Eurazeo, Goldman Sachs Growth Equity and Daphni.

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“Our goal now goes beyond making renewed tech a viable option,” added Hug de Larauze. “We want to make it the first choice for electronics purchases. The support and confidence of these prominent funds, together with our growing customer base, marks an important step in Back Market’s journey, and more importantly for the refurbished sector as a whole.” 

Chief creative officer Vianney Vaute added: “It’s a very positive signal that investors and consumers alike are bullish on the circular economy. Times are changing, and we are positioned to have a real and lasting impact on the way people purchase electronics — and the sustainability of the electronics industry as a whole.”

Back Market was founded in 2014 by Thibaud Hug de Larauze, Quentin Le Brouster, and Vianney Vaute, and now employs a team of c.500 people in four offices in Berlin, Paris, New York and Bordeaux.

Photo: (l-r) Back Market founders Quentin Le Brouster, Thibaud Hug de Larauze and Vianney Vaute (Pic: Julie Glassberg)