Groupe Arnault-backed Back Market has added $120m in funding to its coffers thanks to Goldman Sachs, Aglaé Ventures and Eurazeo Growth.
Back Market, a France-based refurbished electronic devices marketplace backed by diversified holding firm Groupe Arnault, has raised $120m in a funding round featuring investment bank Goldman Sachs, TechCrunch reported today.
Aglaé Ventures, a venture capital firm sponsored by Groupe Arnault – whose properties include luxury consumer goods conglomerate LVMH – also contributed to the round, as did Eurazeo Growth.
Back Market operates an online marketplace for refurbished smartphones and other electronic devices, requiring sellers to certify their devices and offer 12-month warranties.
The service is currently available in France, Spain, Germany, Italy, Belgium, Austria, the UK and the US. Back Market will use the capital to strengthen its position in these existing markets, to launch additional services and to grow its quality control team.
Back Market previously collected $48m in a series B round backed by Groupe Arnault, Aglaé, Eurazeo and Daphni in 2018. Aglaé and Daphni had already participated in a $7.6m series A round in 2017.
