French refurbished smartphone seller Back Market valued at $5.7 billion

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

“The (…) investment cements Back Marketplace’s position as a leading refurbished electronics marketplace, with more than six million customers world wide,” the corporate stated in a statement.

The contemporary funding round was once led by way of London-based non-public equity firm Sprints Capital, along side France’s Eurazeo and Aglae Ventures, Normal Atlantic and Generation Funding Control.

Back Marketplace stated the additional funding could help it in its bid to make circular generation – or tech merchandise that can be reused and are extra sustainable – mainstream and faucet into rising call for amongst shoppers for such merchandise.

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