Certideal recently announced that it has raised 8 million euros to fund its expansion plans. The platform is an e-commerce site that specializes in the resale of refurbished smartphones. The round of funding was led by Maif Avenir and supported by BNP Paribas Développement, with participation from its historical investors Inter Invest Capital and Citizen Capital. Certideal was founded in 2016 and mainly sells refurbished smartphones, a global market that is predicted to be worth $51 billion by 2022, according to IDC.
In France, the refurbished smartphone market was worth 900 million euros in 2019, with 2.2 million devices sold, representing 10% of all smartphones sold. Certideal claims to have 160,000 clients and has achieved a revenue of 20 million euros in 2019. The company's ultimate goal is to become the leader in the refurbished smartphone market in France and expand to other European countries with the proceeds of the funding. However, no specific countries or timeline have been mentioned.
Certideal faces competition in France from companies such as Recommerce and Back Market. In order to achieve its ambitious expansion plans, Certideal plans to double its workforce by the end of this year. The company is a member of French Tech 120, a government-supported program that identifies and supports fast-growing French technology companies.
Overall, Certideal's recent round of funding demonstrates the growing importance of the refurbished smartphone market in France and beyond. The market is driven by demand for more sustainable and cost-effective options for consumers. The success of companies like Certideal also points to a shift in consumer attitudes towards refurbished products, indicating that there is a growing awareness of the environmental impact of electronic waste.
