France-based refurbished devices marketplace Back Market raised $48m in a series B round yesterday from investors including Groupe Arnault, a diversified holding firm whose properties include luxury consumer goods company LVMH.
Aglaé Ventures, the investment arm of Groupe Arnault, also invested separately in the round, as did private equity firm Eurazeo and venture capital fund Daphni.
Back Market enables consumers to purchase refurbished electronic devices and appliances, such as smartphones, tablets and laptops, from certified vendors that offer a minimum six-month warranty.
The funding will support ongoing international expansion efforts beyond Europe, including in the US where Back Market launched earlier this year.
Aglaé Ventures and Daphni previously took part in a €7m ($7.6m) series A round in May 2017.
Antoine Loison, managing director of Aglaé Ventures, said: “We are thrilled to support a team of exceptional entrepreneurs and to welcome our sponsor, Groupe Arnault, as the main investor in this funding round.
“Our goal is to provide the company the support it needs to become the global leader for this new market.”