Funding

[Funding alert] London-based Circular Economy Startup Reboxed® Raises €1.8 Million in Seed Funding

Nov 22, 2023 | By Startup Rise EU

Reboxed®, a circular economy firm based in London, raises €1.8 million in seed funding, with ACF Investors leading the round. The funds will be used by the business to grow, improve retail partner programmes, and refine Reboxed for business services.

Reboxed®, a circular economy firm based in London, raises €1.8 million in seed funding, with ACF Investors leading the round. The funds will be used by the business to grow, improve retail partner programmes, and refine Reboxed for business services.

Over 50 million tonnes of e-waste is generated annually by technology consumption, and the average carbon footprint of a new item is equivalent to 79 kg of CO2.

Read also - Visual AI Company SeeChange Technologies Secures £8M in Series A Round Funding

Recommerce solutions are becoming increasingly common among consumers and merchants as a way to reduce carbon emissions; in Britain, 22 million people are thinking about buying a refurbished phone.

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Phil Kemish, Co-founder and CEO of Reboxed®, said: “We want to give everyone access to high quality, great value tech, with a flexible, hassle-free experience. Mounting ESG pressures means that businesses are looking for integrated solutions that will help them achieve their climate goals. Reboxed’s sustainable services help businesses do just that. This latest investment will be used to expand our growing team, build out our technology stack and scale the brand.”

Tim Mills, Managing Partner, ACF Investors, added: “Awareness of the need for sustainability is fundamentally changing the retail landscape and driving a trend toward more responsible consumption. Recommerce is leading the way and is now growing 11 times faster than traditional retail. But too often the price of sustainability is an unnecessarily compromised customer experience, hence we are delighted to be backing the Reboxed team as they shift the benchmark and for the first time give UK consumers access to premium “like new” products, with all the benefits of recommerce.”

Due to its capacity to help telecom companies like Three Mobile introduce reconditioned technology to SMARTY, its sim-only brand, customers without requiring expenditures on infrastructure, the company has experienced significant growth.

Read also - Floreon Secures £2M Series A in Funding

Ali-A, a YouTuber with over 20 million subscribers, the Ministry of Sound group, Martin McCourt, the former CEO of Dyson, Nick Beighton, the former CEO of ASOS, and the founders of Mazuma and Envirophone are among the notable investors in Reboxed.

About Reboxed

Reboxed, which was founded in 2020 by friends Phil Kemish and Matt Thorne during the first Covid lockout, offers creative solutions to stores and companies to hasten the switch to a circular economy.

Read also - London-based TRIVER Secures further €22.9 Million in Funding

Reboxed® is a well-known brand and reselling platform that offers companies and consumers a simpler, more environmentally friendly method of buying and sell technology. Offering premium refurbished and pre-owned gadgets with a genuine circular approach, quality, consistency, and a "like new" experience, it caters to customers of smartphones, laptops

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