Back Market is a 2014 founded startup that has made a big difference in the technology refurbishment business by encouraging sustainability and cutting down on e-waste. Back Market, which was co-founded by Thibaud Hug de Larauze, Quentin Le Brouster, and Vianney Vaute, facilitates the buying of used electronics by putting customers in touch with refurbishers. This project aims to mitigate the damage that outdated technology causes to the environment, contaminating water and land and requiring the exploitation of resources in places like Asia and Africa.
Due to Hug de Larauze's enthusiasm with optimizing the client journey, Back Market grew quickly. The company started out with one or two sales each day but has since expanded to serve over 16 million clients in 18 countries, including the U.S., Europe, Japan, and the United Kingdom. Back Market, valued at about $6 billion, has grown to be one of France's biggest unicorns despite early investor pessimism.
For Back Market, sustainability is an essential principle. According to Hug de Larauze, buying used technology reduces CO2 emissions by 92% when compared to buying new items. Customers are drawn to this environmentally friendly strategy, particularly in the UK where inflation has made people look for affordable, environmentally friendly tech solutions. Currently, 44% of the British online refurbished electronics market is owned by the corporation.
The success of Back Market can be ascribed to its extensive network of 1,700 carefully chosen dealers and refurbishers who purchase goods from a range of sources, including telecommunications providers. The company facilitates transactions on its platform; it does not own inventory or do product refurbishing. It has raised more than $1 billion from investors, including Aglaé Ventures and Goldman Sachs, but its priorities have moved from raising money to turning a profit.
Back Market, which employs 700 people worldwide and has its headquarters in Paris and Bordeaux, plans to turn a profit soon after turning ten years old. New services like trade-ins and recycling, which give refurbishers a consistent supply of goods, are part of the company's growth plan. These services have a lot of potential because households are hoarding more and more broken digital products.
Another essential component of Back Market's objective is legislation. By 2026, "right to repair" legislation will be implemented throughout the EU, requiring manufacturers to supply technical data and spare components to make repairs simpler. Hug de Larauze is in favor of more comprehensive legislation that encompasses all electrical gadgets. Making repair a human right, in his opinion, will accelerate the transition to a circular economy, lessen e-waste, and advance sustainability.
All things considered, Back Market's creative methodology and unwavering dedication to sustainability are transforming the reconditioned technology sector, making it increasingly convenient and appealing for customers to select reconditioned items over brand-new ones.