HomeTechnologySingapore-based Reebelo raises $20M to avoid wasting pre-owned units from landfills –...

Singapore-based Reebelo raises $20M to avoid wasting pre-owned units from landfills – TechCrunch


Based mostly in Singapore with places of work all through Asia and Australia, Reebelo needs to make shopping for pre-owned tech as fascinating as a model new gadget. “What now we have seen is that many youthful generations are very a lot open to the concept of sustainable consumption,” co-founder Philip Franta instructed TechCrunch. “We see plenty of development and momentum within the area globally, but additionally right here on this area, as a result of I believe we’re lastly on the stage as a society the place we’ve realized that the way in which we’ve consumed up to now is just not sustainable.”

Buyers agree, with Reebelo saying a $20 million Sequence A right this moment, led by Cathay Innovation and June Fund. Different contributors embrace FJ Labs, Naver affiliate KREAM, Moore Strategic Ventures, French Companions and Gandel Make investments. Returning backers additionally contributed, like Antler, Maximilian Bittner (co-founder of Lazada and present CEO of Vestiaire Collective, an e-commerce website for curated pre-owned style) and Michael Cassau, the founder and CEO of Grover, a tech rental platform.

Reebelo’s final funding was a $1 million seed spherical introduced in June 2020. The corporate was based in 2019 by Franta and Fabien Rastouil. It says that in lower than two years, its income has grown 600% year-over-year and it now has 10,000 month-to-month clients and is nearing $100 million in annualized gross merchandise worth. It has places of work in Australia, Singapore, New Zealand, Hong Kong, Malaysia and Taiwan.

In an interview, Franta and Rastouil mentioned they needed to create a startup that mixed social and entrepreneurial affect. Each had associated work expertise in Europe — Franta was concerned in subscription gadget packages for telecoms, whereas Rastouil labored at Recommerce Options, a French platform for pre-owned units.

However the two mentioned one thing like Recommerce didn’t exist but in Singapore, the place Rastouil grew up.

In contrast to many e-commerce marketplaces, Reebelo selects its distributors, with an emphasis on standardizing the situation of units and a selected grading system for buyers, utilizing standards like aesthetics (for instance, if the gadget has a few scratches) and battery life. Companion distributors vary from small outlets to B2B gamers with a lot bigger volumes of units. Reebelo’s purpose is to construct the largest stock of pre-owned, refurbished units, and says it’s already the market chief in Singapore and Australia.

Earlier than including distributors to its platform, Reebelo screens them, checking that they’re authorized companies, assessing their rankings on completely different distribution channels and ensuring they’re prepared to abide by Reebelo’s high quality checkpoints and returns and situations. The latter contains free returns for 14 days and a one-year free guarantee.

“This helps to filter fairly effectively the distributors initially as a result of some don’t wish to conform to a one-year assure,” Franta mentioned.

However Reebelo additionally sees its distributors as clients.

“We wish to be a platform for all gamers on this round financial system,” mentioned Rastouil, which incorporates distributors which can be simply getting began promoting licensed pre-owned units. “Distributors are additionally our clients, as a result of we actually wish to create this entire round financial system along with them within the area as a result of it’s new for everybody.”

When it comes to competitors, Reebelo’s founders say it’s a first-move within the APAC area, not like Europe, the place there are already a number of pre-owned gadget marketplaces. As an alternative of different e-commerce platforms, the principle problem is convincing clients that pre-owned units may be simply nearly as good as model new ones.

“There may be fairly some stigma in some nations right here within the area, so the primary problem we needed to overcome to start with was creating belief with our customers,” says Franta. “That meant actually altering minds from shopping for new to additionally shopping for refurbished units, however I believe now we have achieved so much.”

The brand new funding will likely be used to rent about 50 new staff in Reebelo’s current markets throughout departments, and broaden into new markets in 2022, together with South Korea. It plans to supply new monetary companies, like gadget subscription, prolonged warranties in some areas, harm protection or stolen cellphone safety. It’s also increasing its verticals. Proper now, Reebelo’s primary class is smartphones, but it surely needs to promote extra tablets, laptops and drones.

In an announcement, Cathay Innovation funding director Rajive Keshup mentioned, “Reebelo is offering a platform and market for customers that makes it simpler for anybody to acquire digital items, all whereas serving to to unravel the issue of e-waste. The corporate is offering a pivotal platform for the round financial system in Southeast Asia and Australia, and we sit up for serving to foster their growth and development.”

 

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