The burgeoning industry of refurbished electronics is witnessing a new era of growth and sustainability, spearheaded by Vienna-based refurbed, which just secured a hefty €54 million in Series C funding. With a total backing of €115.8 million since its 2017 inception, refurbed is forging a path to become the premier platform for sustainable products, reinforcing the idea that refurbished technology can be a viable, eco-friendly consumer choice.
This latest round of investment, led by faithful investors like Evli, C4, and Speedinvest, with strong support from All Iron and new investors joining the ranks, symbolizes more than just financial success for refurbed. It encapsulates a growing trend of consumer consciousness towards sustainable choices. Peter Windischhofer, the co-founder, and CEO of refurbed, asserts that their scalable model is designed to boost profitability while endorsing sustainable consumption—a true testament to their win-win strategy for business and the environment.
From its inception, refurbed has been a frontrunner in its domain, driving its expansion across European borders into markets such as Italy, Sweden, Denmark, Ireland, and the Netherlands, not to mention its foundational presence in Germany and Austria. In these core markets, refurbed has impressively achieved profitability ahead of its timeline, despite the economic volatility that challenges the market.
The company’s ethos, centered around consumer trust in refurbished goods, aims to establish refurbishment as the “new normal,” as Kilian Kaminski, a co-founder, articulates. Refurbed’s goal is to revolutionize consumption habits to lessen environmental impact significantly.
The backbone of refurbed’s success is its exceptional team—a blend of home-grown talent and external experts. This team’s dedication has transformed the company’s vision into tangible results, bolstered by robust partnerships across Europe that ensure a supply of high-quality products across diverse categories.
Refurbed’s commitment to sustainability and circularity isn’t just talk; it’s measurable impact. Collaborating with Fraunhofer Institute, refurbed has documented its influence: saving 160t of CO2e, preventing 34 billion liters of water wastage, and avoiding 495t of e-waste—all within 6.5 years. These figures are not just impressive; they’re milestones in the transition towards a circular economy.
Investors are taking notice. Riku Asikainen from Evli Growth Partners voices his enthusiasm for refurbed’s mission, confident that their investment will catapult the company to new heights in the refurbished electronics sphere. Meanwhile, Boris Bakech from C4 Ventures praises refurbed’s resilience and commitment to sustainability, which has remained steadfast even as tech companies face a challenging year.
Not just thriving in investment rounds, refurbed has been recognized with the Tech Tour Growth50 Sustainability Award, outshining over 300 European contenders. Furthermore, its founders—Kaminski, Riedl, and Windischhofer—were honored with the “EY Entrepreneur of the Year 2023” award, highlighting their contribution to reducing carbon footprints and e-waste.
As refurbed gears up to utilize its Series C funds, the company is not only envisioning a future of growth and innovation but is actively shaping a market where sustainable and profitable growth goes hand in hand. Their journey is a beacon for the refurbishment industry and for startups aiming to blend eco-consciousness with economic success.