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French refurbished smartphone seller Back Market valued at $5.7 billion

French refurbished smartphone seller Back Market valued at $5.7 billion
French refurbished smartphone seller Back Market valued at $5.7 billion   -   Copyright  Thomson Reuters 2022
By Reuters

PARIS – Back Market, the French marketplace dedicated to refurbished smartphones and electronic devices, said on Tuesday it had closed an investment round of $510 million, bringing its total valuation to $5.7 billion.

“The (…) funding cements Back Market’s position as a leading refurbished electronics marketplace, with more than six million customers worldwide,” the company said in a statement.

The latest investment round was led by London-based private equity firm Sprints Capital, together with France’s Eurazeo and Aglae Ventures, General Atlantic and Generation Investment Management.

Back Market said the additional funding would help it in its bid to make circular technology – or tech products that can be reused and are more sustainable – mainstream and tap into growing demand among consumers for such products.