Swappie plans to use the funds to support European expansion and increase its headcount. Here are the top-line bullets you need to know.
Swappie, a marketplace for buying and selling refurbished iPhones, has raised $124M in a Series C. The round drew participation from Inventure, Lifeline Ventures, Reaktor Ventures, Telia Ventures, Tesi, and Verdane Capital.
HOW’S THE COMPANY PERFORMING?
- Finland-based Swappie refurbishes and sells pre-owned iPhones, with 12-month warranties, on its platform.
- The startup’s revenue came in at $110M in FY’20, up 224% year-over-year.
- The company has sold over 1M refurbished smartphones since its launch.
- Swappie currently operates across 15 countries, including Finland, Sweden, and Germany.
- The startup is supported by a team of over 1.2K employees.
Source: Swappie
WHY DOES THE MARKET MATTER?
- The global refurbished and used mobile phones market is expected to reach a value of $143.8B by 2031, growing at a CAGR of 10.2%, according to Persistence Market Research.
- The market’s growth has been spurred by the rising adoption of consumer devices, the general trend toward recycling e-waste, and the economic slowdown caused by the pandemic.
- Used and refurbished smartphones comprise over 10% of the total European smartphone market, which is worth $113B, but only about 25% of pre-owned smartphones are sold. This represents a growth opportunity for the refurbished phone market in Europe, according to Emma Lehikoinen, chief operating officer at Swappie.
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