Capzanine, Creadev back Recommerce

The new round of funding will allow the company to further grow in the reconditioned smartphone market in countries where it is already established, but also to support its international expansion.

Capzanine's Capzanine 4 fund hit its €350m hard-cap in 2016 – the vehicle targets mostly French SMEs with turnovers up to €150m.

Creadev is a French private equity firm directly managed by the Mulliez family. The firm has €1.6bn in assets under management.    

Previous funding
The first private equity backing of the company took place in 2010, with 3T Capital, Bouygues Développement and Opalic investing €1m in the business.

A series-B round followed in 2013, with €10m invested by Seventure Partners and BPI France, through its Fonds Ambition Numérique. The round saw CDC Entreprises investing via the state-backed FSN PME fund, reportedly contributing €3m. Seventure was believed to have invested €3.5m, with 3T providing the remainder of the round.

Company
Founded in 2009, Recommerce buys used electronic products from telecoms businesses and electronics retailers. It then sells these on to consumers, addressing both the demand for cheaper electronic products and the recycling needs of industry professionals.

The company generated a turnover of €45m in 2017 and has forecasted an increase of 30% for 2018. Recommerce is headquartered in Paris and has offices in Spain and Germany, and distributes products to North America, Asia and Africa. It employs 70 staff.

People
Recommerce – Pierre-Etienne Roinat (president, co-founder).
Creadev – Florent Thomann (CEO).
Capzanine – Bruno Bonnin (director).  

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• Topics
• Expansion
• France
• Consumer
• France
• Capzanine
• Venture