- Consumer electronics marketplace company Reebelo announced it raised $50 million. These are the details.
Reebelo – a rapidly growing marketplace for affordable and sustainable consumer electronics – announced recently it has raised $29 million, bringing the total series A amount to $50 million. And the new financing round was led by Cathay Innovation (Global) with participation from Moore Strategic Ventures (USA), Gandel Invest (Australia), and Antler (Global) and also marks Reebelo’s official launch in the United States.
Launched in 2019 by Philip Franta and Fabien Rastouil, Reebelo has become one of the most trusted platforms for buying refurbished consumer electronics. Since launching in 2019, Reebelo has seen its gross merchandise value (GMV) grow 12X over the past two years and has served over 200,000 customers. And global sales tripled in the last year, with the US growing to 25% of total sales.
Reebelo’s momentum is yet another positive proof point for the booming “re-commerce” market, which is projected to reach $245 billion in the US by 2025 and is currently globally estimated at $339 billion. And while other sectors have faltered, the circular economy continues to show major momentum with several Fortune 100 companies also making the foray into refurbished tech as they seek to gain the loyalty of younger generations committed to sustainable practices.
Along with its official US market launch, Reebelo will open its global headquarters in the Bay Area (San Mateo) and grow its US presence to 50 team members to build out operations, while continuing to grow Singapore as the company’s APAC headquarters.
The new funding round will be used for growing Reebelo’s team in the US and other global markets, with a second US office opening and Canadian expansion planned for later this year. And the team will also continue innovating in order to improve its product offering, with a specific focus on the following embedded financial components:
KEY QUOTES:
“Silicon Valley is the perfect location for Reebelo’s headquarters to support its growing business in the U.S. and serve as a jumping off point as we look to open a second U.S. location this year. The talent pool is obviously unparalleled and offers us an ideal home base for serving customers eager for a trusted platform that delivers affordable devices from great brands, all while shopping sustainably.”
— Philip Franta, Founder and CEO at Reebelo
“The decision to center its operations in the US further positions Reebelo to make inroads as a major global recommerce player. Its reach as a pivotal platform for the circular economy is expanding beyond Australia and Southeast Asia to encompass one of the most market-critical regions in the world. At the same time, we have been hugely impressed with Philip and Fabien’s leadership and laser-like focus on growing a large global platform spanning from San Francisco to Sydney, while remaining highly capital efficient.”
— Rajive Keshup, Partner, Cathay Innovation
