Back Market, a France-based refurbished electronic devices marketplace, secured $335m in a series D round today featuring Aglaé Ventures, a venture capital firm sponsored by diversified holding firm Groupe Arnault.
Goldman Sachs Growth Equity, a division of investment bank Goldman Sachs, also took part in the round, which was led by growth equity firm General Atlantic. The round also attracted Generation Investment Management, Eurazeo and Daphni, and valued the company at $3.2bn.
Back Market runs an online marketplace for refurbished electronic devices and home appliances. It screens each seller and requires proof of their refurbishment process, monitoring their performance in real time to ensure quality is maintained.
Back Market also grades each device on a scale ranging from fair to good to excellent, based on appearance and technical condition, to allow buyers to make an informed choice.
The company has served nearly 5 million customers, it said. It will use the series D financing to consolidate its market position as it pursues continued international growth. It is currently active in 13 countries and will launch in four more in the near future.
Antoine Loison, co-founder of Aglaé Ventures, said: “For more than four years, we have been happy to support Back Market, its founders and its teams, in building the world category leader for refurbished products.
“Back Market fully embodies the values of entrepreneurship, innovation and commitment to sustainable development to which we are particularly attached.”
Back Market obtained $120m in series C funding in May 2020 backed by Goldman Sachs, Aglaé Venutres and Eurazeo.
Groupe Arnault took part in a $48m series B round in 2018 together with Eurazeo, Aglaé and Daphin, after the latter two had supplied $7.6m in series A capital in 2017.