Refurbed secures EUR 54 Million in Series C Investment Round, led by Evli Growth Partners and C4 Ventures. This marks the most substantial investment in refurbed following the EUR 13 million Series A round in 2020 and the EUR 47 million Series B round in 2021.
The company has exceeded expectations by achieving profitability ahead of schedule in Austria and Germany in 2022, with the aim of overall company profitability by the year’s end. Additionally, its 2021 valuation has doubled.
As one of the fastest-growing online marketplaces in Europe for refurbished goods, refurbed has achieved over 1 billion euros in external turnover since its inception.
The investment aims to enhance refurbed’s marketplace offerings, further expand in key markets, and focus on refining the user experience. This is part of refurbed’s commitment to advancing the establishment of a circular economy throughout Europe.
Exceeding the 1 billion euros mark in external sales in June 2023, merely six years after its inception, Refurbed has successfully closed its Series C investment round, raising 54 million euros (equivalent to 57 million US dollars). This investment stands as the largest sum amassed in a single funding round thus far. The funds were contributed by existing investors Evli Growth Partners, C4 Group, All Iron Ventures, and Speedinvest, with additional support from several new investors. The Series C investment brings the total funding, including initial seed financing since the company’s establishment in 2017, to almost 116 million euros (approximately 130 million US dollars).
This substantial investment volume serves as a validation of Refurbed’s trajectory to become the premier marketplace for refurbished electronic products, catering to various aspects of daily life, both at home and in professional environments. The platform provides consumers with a simple, risk-free, and eco-friendly purchasing experience, aligning with the company’s mission for sustainability.
“Our adaptable business model allows for profitable growth while promoting a more sustainable approach to consumption.”
“This milestone is not just a significant achievement for refurbed; it also signifies a broader market shift towards accepting sustainability in consumer choices,” commented Peter Windischhofer, co-founder and CEO of refurbed, regarding the Series C investment round. He further added, “Our scalable business model allows us to grow profitably while also making consumption more sustainable. This is our vision for the future of sustainable business.”
“We envision refurbishment becoming the ‘new normal’.”
Kilian Kaminski, co-founder of refurbed, emphasizes, “Our aspiration is for refurbished products to be embraced as a standard consumer choice. Making refurbishment the ‘new normal’ is essential in reshaping our consumption habits to mitigate the detrimental effects on the environment.”
The company is a front-runner in its respective segments, driving expansive business growth across Europe, encompassing countries such as Italy, Sweden, Denmark, Ireland, the Netherlands, Germany, and Austria. Originating in Austria, the company is experiencing exponential growth while aiming for profitability in a notoriously uncertain market environment. Achieving profitability earlier than anticipated in 2022, refurbed is establishing a strong presence in its core markets of Austria and Germany.
“Our exceptional team is our source of pride; it’s a blend of in-house cultivated talent and seasoned experts we’ve welcomed. The knowledge and dedication of our team have fueled remarkable progress, bringing our founders’ vision to fruition and continuing to do so daily. An integral part of our success is our robust network and close alliances with our professional refurbishment partners throughout Europe, who provide top-quality products across diverse categories on refurbed,” Kaminski explains regarding refurbed’s journey to success.
“Under the leadership of Peter Windischhofer, Kilian Kaminski, and Jürgen Riedl, the exceptional team displays an unmatched dedication to advancing the circular economy in Europe.”
Riku Asikainen, Founder and Managing Partner of Evli Growth Partners, shared on the investment decision, stating, “We are thrilled to announce our participation and backing for refurbed in this €54 million funding round. The outstanding team led by Peter Windischhofer, Kilian Kaminski, and Jürgen Riedl shows an unmatched dedication to advancing the circular economy in Europe. We are confident that this investment will drive even more growth and market share for refurbed in the remanufactured electronics segment.”
Boris Bakech, Managing Partner of C4 Ventures, also chimed in, saying, “Many founders encountering challenges in scaling their business face significant hurdles, especially in 2023, a difficult year for many tech companies. In this demanding environment, refurbed has not only succeeded but has further solidified its standing within the industry, placing sustainability at the heart of every decision. We at C4 are pleased and proud to accompany refurbed on its promising journey.”
“Measurable Environmental Impact of Refurbished Products”
This year, the austrian startup collaborated with Fraunhofer Austria, Europe’s largest applied research organization, to measure its environmental impact. The results, presented in spring 2023, offered concrete data affirming refurbed’s significant contribution to environmental conservation.
The study revealed that refurbed has saved 160,000 tons of CO2, 34 billion liters of water, and reduced 495 tons of electronic waste in just over six years since its establishment (as of November 2, 2023).
In the summer of 2023, refurbed was honored with the Tech Tour Growth50 Sustainability Award, surpassing over 300 European companies. Furthermore, the founding team – Kilian Kaminski, Jürgen Riedl, and Peter Windischhofer – was recognized as the “EY Entrepreneur of the Year 2023” in October.