Back Market, the French marketplace dedicated to refurbished smartphones and electronic devices, said on Tuesday it had closed an investment round of $510 million, bringing its total valuation to $5.7 billion.
The latest investment round was led by London-based private equity firm Sprints Capital, together with France’s Eurazeo and Aglae Ventures, General Atlantic and Generation Investment Management.
Back Market said the additional funding would help it in its bid to make circular technology – or tech products that can be reused and are more sustainable – mainstream and tap into growing demand among consumers for such products.
– Reuters