When we initially invested in Refurbed back in early 2020, we were intrigued by the company on multiple different levels. First and foremost, Refurbed has always had a strong, purpose-driven and sustainable vision, which is driving every decision in the company. When this was combined with an outstanding founding team and a huge market that is at the tipping point of change, no wonder the company raised to date the fifth-largest Series A in Austria back in March 2020.
Since our initial investment in 2020, the company and the founders have definitely delivered. Refurbed has kept its laser-sharp focus on its vision, which has helped the company to further develop its culture and attract top talent. Refurbed has also grown to the market leader position in the DACH region while increasing its market share in new geographical areas. This has allowed Refurbed to reach, and in many instances overachieve, their financial goals. In addition to all of this, Refurbed has continuously expanded its product offering and developed new product features on its platform.
Because of the abovementioned developments, we are proud and happy to announce that we have led the Series B of Refurbed. The $54M Series B is the fifth largest Series B ever in Austria according to Pitchbook, and it is joined by Almaz Capital, Hermes GPE, Alpha Associates, Expon, C4, Isomer, Creas, Monkfish and 7ventures together with several existing investors. We are extremely excited to have these investors on board and back Refurbed on their vision to have a refurbished electronic product in every European household! Our excitement is highlighted by the comments of Kim Väisänen, Partner at EGP and Chairperson of the Board of Refurbed:
“Refurbed has enjoyed a growth that is exceptional on every level. Going from zero to hundred in no time is an achievement itself. Not too many companies have done it at the European level. I am convinced that this is just the beginning and this round will accelerate the company’s growth and success further. We in EGP are privileged to be part of Refurbed’s future plans.”
Given that the company has managed to grow its turnover to hundreds of millions in just 4,5 years, we expect the rapid growth to continue. The founders have a track record of over-delivering their promises and continuously improving the platform for all participants on the marketplace. When you add the fact that consumers are increasingly focused on sustainable ways of living and circular economy, and governments around the world are improving the right to repair legislation (like Joe Biden recently did), we see this as just the beginning. Refurbed is a great example of a company where the founders, vision, macrotrends and the market meet, and we are excited to continue to back the company on their journey.