Only six months after previous fundraising, the second-hand marketplace Back Market (specialising in electrical products), raised €450 million and reached a valuation of €5.1 billion. George Yates, Head of Strategic Partnerships at Backmarket, explains strategic guidelines
Back Market has recorded US$ 1.5 billion in run rate revenues in 3 years. Can you describe the business model?
George Yates: Founded in 2014, Back Market is a digital marketplace that specialises in refurbished electrical products. The inventory comes from merchants who refurbish products. Back Market does not buy products. We select quality merchants, according to precise K.P.I.s, which include specialist electrical refurbishment and a guaranteed quality. We do not publish annual turnover or GMV. In 2021, we had three-digit growth.
Back Market is selling in 16 countries, 14 of which are in Europe, as well as the U.S.A. and Japan.
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Article authors
Sophie Baqué
Chief Editor of mind Retail