Refurbed, the marketplace for refurbished and upgraded electronics has sealed $57 million in funding to extend its reach in Europe.

The Series C round was led by Evli Growth Partners and C4 Ventures, who are previous backers of the company.

The Austrian company, founded in 2017, is active in several European countries and plans to expand deeper into the wider European market. According to the company, it is profitable in two countries: Austria and Germany.

“This milestone not only marks a significant achievement for Refurbed, but also signals the wider market’s shift towards embracing sustainability in consumer choices,” chief executive Peter Windischhofer said.

“Our scalable business model enables us to both grow profitably and make consumption more sustainable. A win-win for us and our planet.”

Refurbed markets its services as a greener alternative for buying electronics and a contributor to the circular economy by selling fully refurbished electronic devices with warranties.

Citing studies by research institute Fraunhofer, the company said that its users have contributed to saving 495 tons of e-waste over the last six and a half years.

“Our vision is to increase consumers’ trust in refurbished products. Refurbishment must become the ‘new normal’ and we as consumers must rethink our consumption in order to reduce the impact on the environment,” co-founder Kaminski said.

The Series C funding will be invested in continuing that mission, he added. All Iron Venture and Speedinvest also contributed to the funding round.

Boris Bakech, managing partner at co-lead investor C4 Ventures, acknowledged that Refurbed has raised the funds at a difficult time for tech fundraising.

“Many founders looking to scale their companies are met with many hurdles and in light of the challenges many tech companies had to face in 2023, this proved to be a difficult year for many,” he said.

“In this demanding environment, Refurbed not only thrived but also excelled within their sector while also keeping [sustainability] at the heart of every decision they made along the way.”

Refurbed is playing in a space that has garnered more attention of late. Some of its rivals in the circular economy arena for consumer electronics include Grover and Circular, which push rental and subscription services for devices and have raised large amounts from investors too.

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