Remade, a French start-up specialising in the reconditioning of Apple products, has raised EUR 125 million in debt funding from LGT European Capital, Idinvest Partners and Swen Capital, reports Les Echos. Created in 2013, the company achieved EUR 130 million in revenues in 2017 selling refurbished devices, and claims to capture 25 percent of the market in France.
Founder Matthieu Millet told Les Echos that the new funds will be used to accelerate the start-up’s recruitment drive, significantly increase stock, improve operations, and pursue expansion opportunities abroad. Remade has a target of refurbishing 840,000 units in 2018. In the US market, where it owns a factory in Florida, the company buys stock from AT&T and Sprint. In France, it is currently in talks with Orange.
It will open a factory in Morocco later this year to develop a presence in North Africa, and plans to expand its footprint further within Europe, targeting the UK and Scandinavian markets next. Millet also revealed that Remade sees huge potential in India, where it has already signed a distribution agreement and is evaluating whether to open a factory.
According to GfK, France has seen sales of refurbished smartphones increase from 1.9 million in 2016 to 2 million in 2017, representing approximately 10 percent of overall sales. In this market, Remade competes with rivals such as Recommerce, Back Market, and Certideal. Sales could receive a boost in the near future if the French parliament adopts a proposal by MP Aina Kuric to bring down VAT for refurbished products to 5.5 percent.
Source: https://www.telecompaper.com/news/remade-raises-eur-125-mln-to-fund-expansion--1255927
