Back Market Raises $335 Million as Its Renewed Electronics Marketplace Approaches 5 Million Customers Worldwide
Series D investment round led by leading global growth equity firm General Atlantic, with the support of Generation Investment Management, brings Back Market past unicorn territory and further establishes the refurbished sector's important place in the consumer electronics landscape
New York, New York--(Newsfile Corp. - May 18, 2021) - Just three years after launching in North America, Back Market, the leading global dedicated refurbished electronics marketplace, today announced an investment round of $335 million led by General Atlantic, with the support of Generation Investment Management, as well as existing investors Goldman Sachs Growth Equity, Aglaé Ventures, Eurazeo and daphni.
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- The funding takes Back Market to a new level, allowing it to scale and deliver on its vision to make renewed tech not just a viable option but the first choice for electronics purchases.
- More cost-effective and sustainable than buying new, refurbished electronics are changing the way people purchase electronics and strengthening the circular economy.
- Back Market is leading the charge for the refurbished market by building a brand that is focused on quality, reliability, affordability and exceptional support.
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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 world's leading dedicated renewed tech marketplace. The company brings high-quality professionally refurbished electronic devices and appliances to customers in 13 countries (including the United States, France, Germany, the United Kingdom, Italy, Spain, Belgium, Austria, the Netherlands, and more recently, Portugal, Japan, Finland and Ireland). It employs a team of 480 employees and counting across its 4 offices located in New York, Berlin, Paris and Bordeaux.
About General Atlantic:
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic 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 build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. 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.
About Goldman Sachs Growth Equity:
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Growth Equity is the dedicated growth equity team within Goldman Sachs Asset Management, with over 25 years of investing history, over $8 billion of assets under management, and 9 offices globally. To read more, visit: https://growth.gs.com/homepage.html.
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.
Eurazeo is a leading global investment group, with a diversified portfolio of €21.8 billion in Assets Under Management, including €15 billion from third parties, invested in 450 companies. With its considerable private equity, private debt and real assets expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 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 and Madrid. Eurazeo is listed on Euronext Paris.
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