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Eva Yoo
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Eva Yoo is founder of Seek Road, the project wherein she cycles from Seoul to London
while interviewing startups on the Silk Road.
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While a number of startups have been hard hit by efforts to curb the spread of the COVID-19 virus,
refurbishing firm Back Market is showing increased growth globally.
The Paris -based startup encourages customers to send in their old
devices so they can be refurbished and resold into the e-commerce secondhand market
The growth achieved in the midst of the COVID-19 crisis is partly due to increased laptop sales as people seek better devices to work
remotely.
For people who are unsure whether refurbished products are reliable, Back Market permits customers to send in old devices,
exchange them for newer versions and pay the difference
CEO Thibaud Hug de Larauze said this payback service is currently possible only in France, but starting in Q2, it will be available in other
markets.
Founded in 2014, Back Market has raised a total of €48 million in funding over two rounds, most recently a Series B in June 2018
The company is profitable and reportedly still has money to spend from its last funding round.
&We don&t release the gross merchandise
volume, but it a three-digit growth rate,& Hug de Larauze told TechCrunch
&We saw an increase in demand for laptops, printers and other devices needed for working at home
Demand for refurbished phones is going down as people seek to get the first necessity items, like food for their situation.&
Over the past
two weeks, Back Market saw skyrocketing demand from Italy, a nation with a high coronavirus death toll where citizens were warned they would
be confined to their homes for four weeks.
Another factor that helped the platform growth: Smartphone brands like Apple and Samsung closed
their retail stores, a move that turned Back Market into a major supply channel
While offline retailers and carriers are shut down in Europe, Hug de Larauze says Chinese offline retailers and refurbishing factories are
starting to get back to work.
