Device recycling startup announces $20m Series A round
Reebelo, APAC’s fastest growing marketplace for affordable, sustainable tech devices, has raised a US$20m Series A funding round, led by Cathay Innovation and June Fund. Other participants included FJ Labs, KREAM (an affiliate of Naver), Moore Strategic Ventures, French Partners, and Gandel Invest. Existing investors participating in the round include Antler, Maximilian Bittner (co-founder Lazada, CEO Vestiaire Collective), Michael Cassau (founder & CEO Grover), and others.
Founded in 2019 by Philip Franta and Fabien Rastouil, Reebelo seeks to become the most trusted platform for buying pre-owned electronic devices. In less than two years, Reebelo has grown revenues 600% YoY, surpassed 10,000 monthly customers, is heading toward $100M in annualized GMV at a rapid pace, and is now operating offices in Australia, Singapore, New Zealand, Hong Kong, Malaysia and Taiwan.
Reebelo to Boost Device Protection and Expand into New Territories
The new funding round will be used to hire 50+ team members across all existing markets as well as expanding into several more markets in 2022. In addition, the company will scale to include device protection, ensuring that customers get a 2-year warranty, the typical warranty provided for new devices.
On Reebelo, consumers can save up to 70% on their favorite tech gadgets. All pre-loved devices — such as phones, laptops, drones, or gaming hardware — get refurbished and go through 40-plus checkpoints before being listed on the marketplace. By partnering with more than 100 certified vendors, Reebelo offers the largest inventory for certified pre-owned tech in its markets.
“We believe in a future where everyone has access to affordable electronics, consumed in a more sustainable way”, said Philip Franta, Founder and CEO at Reebelo. “When consumers become part of Reebelo’s circular economy, they save money and help the planet.”
Electronic devices are among the most expensive purchases for consumers — and they get replaced frequently. In addition to the high costs for customers, e-waste is one of the fastest growing waste streams globally. Reebelo’s mission is to refresh the way tech is consumed by making device consumption affordable, sustainable, and delivered through a platform built on sustainable values and quality-assured devices.
“Innovation and startups like Reebelo are key components in the transition towards a more sustainable economy and world,” said Rajive Keshup investment director Cathay Innovation. “Reebelo is providing a platform and marketplace for consumers that makes it easier for anyone to obtain electronic goods, all while helping to solve the problem of e-waste. The company is providing a pivotal platform for the circular economy in Southeast Asia and Australia, and we look forward to helping foster their expansion and growth.”
“Reebelo is building a central trading infrastructure for circular commerce, and I have witnessed the team’s focus and excellence. We are happy to increase our commitment, to be backing the team again and to continue our close cooperation”, said David Rosskamp, June’s founder and managing partner.
Besides David Rosskamp, Martell Hardenberg (co-founder Lazada, global partner Antler) and Rajive Keshup (investment director Cathay Innovation) will join the company’s board.