French Refurbished Smartphone Seller Back Market Valued At $5.7 Bln

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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.

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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

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