The global circular economy, which includes the sale of secondhand and refurbished items, reached a value of around $339 billion in 2022 and is expected to more than double by 2026. This growth is largely fueled by consumers’ desire for more sustainable consumption and reduced waste.
Singapore-based Reebelo, an online platform for affordable and eco-friendly consumer electronics, was founded in 2019 by Philip Franta and Fabien Rastouil with the goal of preventing electronic waste. Initially focused on phones, the company has since expanded its offerings to include gaming devices and other consumer electronics.
Reebelo’s marketplace features pre-owned devices such as laptops, tablets, smartwatches, phones, and gaming consoles, with potential savings of up to 70%. The company provides one-year warranties, certified sellers, and 30-day free returns. Reebelo currently operates in Singapore, Australia, New Zealand, Malaysia, Hong Kong, and South Korea.
Since securing seed funding in 2020 and raising a $20 million Series A round in 2022, Reebelo has recently obtained an additional $29 million in Series A extension funding. The company has also established its first US headquarters in San Mateo, California, bringing its total Series A funding to $50 million.
Reebelo’s circular economy model has gained traction, boasting over 200,000 customers and witnessing a 12x growth in gross merchandise value over the past two years. The company’s global sales tripled in the last year, with US sales accounting for 25% of total revenue. The US, which has been home to the company for less than a year, is already its second-largest market with over 21,000 customers and is projected to become its largest market in under six months.
Reebelo has recently focused on integrating financial services, such as a buyback program that allows users to sell unwanted devices for cash and device upgrade options. Its warranty program, ReebeloCare, offers an additional two years of protection, screen and battery replacement, and has seen a 330% YoY growth in the last year.
The latest funding round was led by Cathay Innovation, with participation from Moore Strategic Ventures, Gandel Invest, and Antler. The investment will help Reebelo expand its US team to 50 members and open a second office, as well as invest in existing markets like Singapore and enter the Canadian market later this year. The company also plans to explore new categories within the electronics sector.
Franta emphasized the company’s ambition to become the most trusted source for refurbished tech while testing related categories like gaming and mobility in the coming years.
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