Funding round was led by Verdane with existing investors Lifeline Ventures, Inventure, Reaktor Ventures, and TESI.
Swappie is the leading end to end online platform for buying and selling refurbished phones focused on iPhones and has become one of the most innovative and fast-growing companies in Europe. It operates in 15 countries in Europe including Sweden, Italy and Germany. So far it has raised €149 Million from investors to date. The investment will help Swappie expand its market in Europe also supporting its existing framework.
In a press release, Sami Marttinen, Co-founder and CEO of Swappie stated: “We truly believe that Swappie can drive consumer awareness and trust in the sector by standardizing quality, championing the role of sustainability, and making buying a refurbished smartphone as common as buying a used car.”
Overview of the Refurbished Phone Market
The refurbished smartphones provide a cost-effective alternative to both customers and sellers. This market is expected to grow at a CAGR of 10.2% during the forecast period 2021 to 2031, from $49.9 Billion to $143.8 Billion. It is driven by improvements in methods of collection, grading, repairing of smartphones, and it’s online/offline selling. An increase in sustainable consumption, awareness about E-waste, recycling and carbon footprint is also helping in adding new consumers.