General Atlantic leads €276m round for €2.6bn-valued Back Market

The financing brings the total capital raised by the startup to almost €435m, giving Back Market a valuation of around €2.6bn, according to the company.

The round also saw participation from Generation Investment Management and previous backers Aglaé Ventures, Eurazeo, Goldman Sachs Growth and Daphni.

Back Market intends to use the fresh capital to consolidate its business and expand into new markets and geographies. It plans to launch its marketplace in Canada, Greece, Sweden and Slovakia.

Previous funding
Back Market raised €7m in a series-A round led by Daphni and Aglaé (the venture arm of Groupe Arnault) in May 2017.

A consortium of investors injected €41m into the startup in a series-B round in June 2018. Eurazeo Growth, Aglaé, Daphni and  Arnault took part in the investment.

More recently, the startup raised €110m in a series-C round backed by Goldman Sachs, Aglaé and Eurazeo Growth in May 2020.

Company
Established in 2014 and based in Paris, Back Market provides a marketplace for refurbished electronics goods, including smartphones, laptops, tablets, headphones, gaming consoles, televisions and home appliances.

Consumers can purchase devices directly from 1,500 sellers, including certified refurbishing factories, distributors and established brands.

The business has around five million customers in 13 countries, including France, Spain, Germany, Finland, Portugal, Ireland, the US and Japan. It employs a team of 280 staff across its offices in Paris, Bordeaux, Berlin, Prague and New York.

People
Back Market – CEO Thibaud Hug de Larauze (co-founder, CEO).
General Atlantic – Chris Caulkin (managing director, head of technology for EMEA).
Generation Investment Management – Shalini Rao (director of growth equity).

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• Topics
• Expansion
• France
• Consumer
• General Atlantic
• Eurazeo
• Goldman Sachs
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• France