Recommerce Solutions announced today that they have raised 7.1 Million euros from Seventure Partners, 3T Capital, the FSN PME (managed by CDC Entreprises) in order to take its used products eCommerce international. The company, already #1 in France for its reselling solution, has had particular success in the mobile phone industry. The service allows individuals to sell back their used electronics to the companies they bought them from, hence recommerce. Recommerce Partners,in turn, give their consumers gift cards or real cash in exchange for the used electronics. Lastly, Recommerce has the ability to take these used goods, which have been refurbished by the original manufacturer, and turn them around to sell them as “guaranteed used items,” much like we see in traditional electronics stores, when someone returns a CD they never listened to and the store guarantees it’s good as new.
The company already counts 40 employees, and creates more than 70 indirect jobs via refurbishing companies and restoring companies for electronics. With the French market locked down, Europe seems to be the next goal. Bruno Rivet of Seventure Partners said of the deal:
“The concept of recommerce is a growing trend which can be applied to a vast number of verticals & products. By expanding across Europe, Recommerce contributes to the evolution in consumer patterns, as well as tackles the social, economic & environment issues we are facing today.”