The online destination for refurbished products, Backmarket is set to increase its market value to €2 billion in 2023. It sold an impressive number of 5 million devices and made a whopping €1.1 billion in trading turnover in 2022. It has even bigger ambitions for this year as it aims to trade more than €2 billion worth of devices this year through its online platform! It is a massive online phenomenon, with over 29 million visitors flocking to its website every month.
Since its inception, Back Market has served more than 10.6 million customers who bought refurbished devices from its platform. But the company also needs a lot of capital to sustain its expansion. It has secured more than US$1 billion in investments until now, with its profitability figures still unknown.
To recall, Backmarket was founded by Thibaud Hug de Larauze, Quentin Le Brouster and Vianney Vaute, it offers a wide range of pre-owned devices from over 1,500 sellers in 18 countries. In a statement, two years ago, Thibaud Hug de Larauze stated that “with Backmarket we have today, created a world leader in the circular economy”.
Since its inception, Back Market has served more than 10.6 million customers who bought refurbished devices from its platform. But the company also needs a lot of capital to sustain its expansion. It has secured more than US$1 billion in investments until now, with its profitability figures still unknown.