Tesi et al. in $40m series-B round for Swappie

The round brings the total investment raised by the company to $48m. The company, which currently operates in Finland, Sweden, Denmark and Italy, will use the proceeds to accelerate growth and expand into new markets across Europe, starting with launches in Germany, Ireland, Portugal and the Netherlands this summer.

It will also use the funding to hire additional staff, with an aim of hiring 400 people across Europe over the next year. It currently employs 260 people.

The company said in a statement that between 2018 and 2019, its revenues quadrupled to more than $35m, and in April and May this year it saw a fivefold increase in net revenues compared to the same period last year.

Previous funding
In January 2018, Swappie raised $895,000 in seed funding from Lifeline Ventures. It later raised $5.6m in a series-A round from Tesi, Lifeline, Reaktor and Inventure.

Company
Founded in 2016 and based in Helsinki, Swappie runs an online marketplace for buying and selling refurbished smartphones. It operates its own refurbishment factory in the Nordic region and sells directly to customers via its online store. The company employs 260 staff and generated revenues of $35m in 2019.

People
TESI – Tony Nysten (investment manager).
Swappie – Sami Marttinen (CEO, co-founder).

Adviser
Company – Arma Partners (corporate finance).

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• Topics
• Expansion
• Nordics
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• Tesi
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• Nordic venture