Idinvest injects €17m into Green & Biz

The GP drew equity from its Alter Equity 3P and Novi 2 funds for this round. The former vehicle is an impact investment fund that closed on €41.5m in September. It contributed €4m in equity to the round.

Novi 2 reached a €290m first close in July. It contributed €8m in equity to the deal as well as €5m in convertible bonds.

Green & Biz will use the fresh funds to bolster its market share in France, expand across Europe and extend its product range to tablets.

Idinvest stated that the environmental benefits of recycling and re-selling used smartphones was a significant factor in the investment.

Company
Founded in 2011 and based in Poilley, Green & Biz buys used smartphones to recondition and re-sell them in retail stores and e-commerce sites. The company operates under the Remade In France and SLP brands.

Green & Biz employs 230 staff and plans to hire an extra 100 employees in 2016. It posted a €23m turnover in 2014 and expects this number to reach €85m for 2015.

People
Matthieu Millet is the founder of Green & Biz.

Advisers
Equity – Scemla Loizon Veverka & de Fontmichel, Louis Chenard (Legal); Wragge Lawrence Graham & Co, Jérôme Patenotte, Sophie Teissèdre, Aline Picaut,
Savina Jouan (Legal); Becouze, Charles-­André Lefeuvre (Financial due diligence).

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• Topics
• France
• Expansion
• Industrials
• France
• IDInvest Partners (AGF Private Equity)