© Reuters. The French Back Market closes an investment round of 450 million
Madrid, Jan 12 (.).- The French refurbished company Back Market has closed an investment round of 450 million euros and plans to open a new headquarters in Barcelona, it announced this Wednesday in a statement.
The Series E financing round, which has been led by the new investor, Sprints Capital, together with the support of others already present such as Eurazeo, Aglaé Ventures, General Atlantic and Generation Investment Management, raises the valuation of the refurbished company to €5.1 billion.
This money will allow the company to continue “investing heavily in Spain”, with the opening of a new headquarters in Barcelona and “numerous hiring”.
At a European level, where it has a presence in 13 countries, Back Market plans to invest “massively to ensure its position in these strategic markets.” Likewise, the company hopes to continue with its expansion plans in Europe and outside the old continent.
Back Market will also invest in improving the consumer experience and the general quality of its devices, with the aim of limiting the failure rate of all its products and matching it as much as possible to that of the new ones.
The company has already announced another round of investment of 294 million euros in May 2021, which was led by General Atlantic. In addition, at the beginning of that year it raised 25 million for its operations in Germany and in May 2020 it raised 110 million.
Founded in 2014 in France, Back Market has more than six million customers around the world thanks to its model of ‘marketplaces’ (distribution platform for the sale of products) of refurbished electronic devices, models repaired with warranty, such as telephones smartphones, tablets, TVs or laptops.
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