Gazelle, a US-based company for selling secondhand electronics goods, has raised $12m in series C round from Physic Ventures, a venture capital firm backed by consumer goods companies Pepsi and Unilever.
Physic led the round as a new investor, and was joined by repeat venture capital investors Venrock and RockPort Capital Partners. Last year, Gazelle’s business tripled as nearly 100,000 customers traded-in or recycled their electronic equipment.
Andrew Williamson, a director at Physic, said: "We are very excited about the investment in Gazelle. It’s a great fit with our Sustainable Living investment thesis. Providing tools and incentives for consumers to reuse, recycle and engage in re-commerce can dramatically reduce the environmental impact of our modern lifestyles."
Israel Ganot, Gazelle’s co-founder and chief executive, said Physic Ventures’ expertise in the field of sustainable living would be a help. "By helping us bring re-commerce to more people and build infrastructure to support the back-end processes of the business, this financing will make this goal a reality."
Gazelle closed its $6m series B round in November 2008 and an initial $4.4m in January that year when the company was known as Second Rotation.