Reebelo, one of the fastest growing marketplace for affordable, sustainable consumer electronics, announced a funding raise of US$29m (AU$44m), bringing the total series A amount to US$50m (AU$75 million). The new financing round was led by Cathay Innovation (Global) with participation from Moore Strategic Ventures (USA), Gandel Invest (Australia), and Antler (Asia & USA) and also marks Reebelo’s official launch in the United States.
What is the market reach of Reebelo?
Founded in 2019 by Philip Franta and Fabien Rastouil, Reebelo has become one of the most trusted platforms for buying refurbished consumer electronics. Despite the tumultuous market, Reebelo has proven recession-proof, with the firm experiencing strong growth while maintaining top-tier unit economics. Since its launch, Reebelo has seen its gross merchandise value (GMV) grow 12X over the past two years and has served over 200,000 customers.
Global sales tripled in the last year, with Australia and New Zealand seeing a similar tripling of sales. The new funding round will be used to grow Reebelo’s teams in Australia and other global markets, with a team of eight based in Collingwood, Melbourne. The firm currently has over 130,000 customers in Australia and an Australia Trustpilot score of 4.7/5 with a rating of ‘Eexcellent’. In 2023, Reebelo was announced as a winner in the Product Review Awards.
The organization’s impressive momentum is yet another positive proof point for the booming recommerce market, which continues to show major momentum globally. Several tech behemoths are also making the foray into refurbished tech as they seek to gain the loyalty of younger generations committed to sustainable practices. According to a First Insight research report, between 2019 and 2021, Gen Z increased its recommerce purchases by 44%.
Concurrently, Gen Z also values affordability, with the survey reporting that almost 30% prefer to shop recommerce based on price. This bodes well for Reebelo, a company committed to putting electronics within reach of all demographics, regardless of background.
How will Reebelo use the raised capital?
The team will also continue innovating in order to improve its product offering, including:
Buyback Program: Continued improvements are expected for Reebelo Australia’s Buyback Program, which allows users to sell their unwanted devices for cash. Reebelo guarantees the best price due to its large vendor network and customer-centric approach
Protect & Upgrade: A customer-friendly offering that provides consumers with an easy way to upgrade their device whenever they want to, Protect & Upgrade streamlines the circular economy purchasing model by cutting out the middle step
ReebeloCare: ReebeloCare offers two years extra protection, including accidental damage as well as screen & battery swap. The program has proved popular in other markets, with the company seeing a phenomenal 330% year-over-year growth in ReebeloCare over the last year
In line with the Reebelo mission of making affordable electronics accessible, consumers can save up to 70% on tech gadgets — like phones, laptops, drones, or gaming hardware. They are refurbished and go through 70-plus checkpoints before being listed. By partnering with over 100 certified vendors, Reebelo offers the best inventory for certified pre-owned tech, delivered through a platform built on sustainable values and quality-assured devices.
What does the funding mean for Reebelo?
Commenting on the momentum, Gulrez Tyebji, Managing Director, Reebelo Australia and New Zealand, said: “Amidst the challenges of inflation and economic uncertainty, our success and this funding are proof that our product and service are firmly recession-proof.”
“We remain committed to delivering exceptional customer experiences, and our investment in building a strong local team in Australia shows that. As a customer-centric marketplace, we are thrilled to continue growing and serving our loyal clientele with this next round of funding.”