Singapore based tech-startup Reebelo raised US $20 million in series A funding round on February 15, 2022, to prevent pre-owned electrical gadgets from ending up in landfills. The increased investment will help the startup to expand and hire more employees.
With a 600 percent yearly growth rate, Reebelo aims to establish the largest pre-owned, refurbished electronics inventory. It is now the industry leader in Singapore and Australia.
Reebelo, unlike most e-commerce marketplaces, picks its vendors with a focus on standardizing device conditions and providing purchasers with a specified grade system (e.g., if the device is scratched).
What the founder has to say:
“What we’ve discovered is that many younger generations are quite open to the idea of sustainable consumerism,” said Philip Franta, co-founder of the company. “We’re seeing a lot of growth and momentum in this space globally, but especially in this region, because I believe we’ve finally arrived as a society at the realization that the way we’ve consumed in the past isn’t sustainable.”
Franta and Rastouil mentioned in an interview that they intended to develop a company that had both social and entrepreneurial significance. Franta worked in telecom subscription device programs, whereas Rastouil worked at Recommerce Solutions, a French platform for pre-owned devices.
What the investors have to say:
Cathay Innovation and June Fund led the US $20 million Series A round for Reebelo. FJ Labs, Naver affiliate KREAM, Moore Strategic Ventures, French Partners, and Gandel Invest were other participants. Antler, Maximilian Bittner (co-founder of Lazada and current CEO of Vestiaire Collective, an e-commerce site for curated pre-owned apparel), and Michael Cassau, the creator and CEO of Grover, a tech rental company, were among the returning backers who contributed.
About Reebelo:
Reebelo is the premier marketplace for used technology in APAC. Their goal is to eliminate electronic waste by establishing a circular market for reconditioned equipment.
Franta and Fabien Rastouil launched the company in 2019. It claims that its revenue has increased by 600 percent year over year in less than two years. it now has 10,000 monthly clients and yearly gross merchandise value approaching US $100 million.
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