Back Market, the Renewed Electronics Marketplace, Raises $510 Million and Is Now Valued at $5.7 Billion
New York, New York--(Newsfile Corp. - January 11, 2022) - Today, Back Market closed an investment round of $510 million, following a $335 million Series D round in May 2021, bringing total investment to more than $1 billion since the company was founded in 2014. The round, which values Back Market at $5.7 billion, was led by new investor, Sprints Capital, with continued support from Back Market's existing investors.
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- More than $1 billion has been invested in Back Market since it was founded in 2014.
- This funding milestone builds on the growing preference among consumers for more sustainable tech purchasing options.
- Renewed electronics are more affordable and better for the environment than new. Back Market's mission is to make refurbished electronics the first choice for tech purchases.
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About Back Market: Launched in 2014 by Thibaud Hug de Larauze, Quentin Le Brouster, and Vianney Vaute, Back Market is the leading dedicated renewed tech marketplace. The company brings high-quality professionally refurbished electronic devices and appliances to customers in 16 countries (including the United States, France, Germany, the United Kingdom, Italy, Spain, Belgium, Austria, the Netherlands, and more recently, Portugal, Japan, Finland, Ireland, Greece, Slovakia and Sweden). It employs a team of 650 employees and counting across its 4 offices located in New York, Berlin, Paris and Bordeaux.
About Sprints Capital: Sprints Capital is a London-based, independent private equity firm that invests in late-stage technology-enabled growth companies with proven business models, strong and durable market positions and excellent teams, primarily in Europe. Over the last two decades, the team behind Sprints Capital has invested over 2bn in more than 50 internet businesses, many of which have grown to become some of the largest tech-enabled companies in Europe and beyond. Blocket, Leboncoin, Avito, Vinted and Chrono24 are select examples of companies focused on used goods that the team has backed over the years.For more information on Sprints Capital, please visit the website: www.sprintscap.com.
About Eurazeo: Eurazeo is a leading global investment group, with a diversified portfolio of 27.0 billion in Assets Under Management, including 19.2 billion from third parties, invested in over 450 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its 350 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo has offices in Paris, New York, São Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin, Milan and Madrid. Eurazeo is listed on Euronext Paris. About Aglaé Ventures: Aglaé Ventures is an international venture capital firm based in Paris, New York and San Francisco backed by Agache, the controlling shareholder of LVMH. Aglaé Ventures invests from 100K up to 100MM in asset light activities and fast-growing technology companies at all stages. Over the past 20 years, Aglaé and its affiliates have backed some of the most iconic global technology companies including Netflix, Slack, Spotify, Airbnb, Automattic, eToro and many others.
About General Atlantic: General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $86 billion in assets under management inclusive of all products as of September 30, 2021, and more than 215 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: www.generalatlantic.com. About Generation Investment Management: Generation Investment Management LLP is dedicated to long-term investing, integrated sustainability research, and client alignment. It is an independent, private, owner-managed partnership established in 2004 and headquartered in London, with a U.S. office in San Francisco. Generation Investment Management LLP is authorized and regulated in the United Kingdom by the Financial Conduct Authority. www.generationim.com.
Antoinette Sottak, Wired Island International
Source: Back Market
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/109706