Sustainable tech retailer Reboxed has secured £1.6m of seed funding as it looks to grow the business, which specialises in selling refurbished electronics and help combat the e-waste crisis.
The re-commerce platform links businesses and consumers, offering a more environmentally-friendly approach to purchasing technology. It sells high-quality, refurbished devices, with a focus on quality, consistency and “creating a truly circular system”.
Founded in 2020, Reboxed has ambitious plans to rehome 100 million devices by 2030.
The latest round of funding will help to boost the firm’s retail partner programmes and its ‘Reboxed for business’ service. Existing investors include Martin McCourt, ex-CEO of Dyson, Nick Beighton, ex-CEO of ASOS, previous founders of Mazuma and Envirophone, and the Ministry of Sound group.
Subscribe to Sustainability Beat for free
Sign up here to get the latest sustainability news sent straight to your inbox everyday
Every year, the consumption of technology results in over 50 million tonnes of e-waste, with consumers and retailers turning to refurbished solutions as part of their drive to reduce CO2 emissions.
Recent data shows that 22 million Brits have considered investing in a refurbished phone.
Reboxed co-founder and CEO Phil Kemish said: “We want to give everyone access to high quality, great value tech, with a flexible, hassle-free experience. Rising ESG pressures mean businesses are seeking integrated solutions to achieve their climate targets.”
“Reboxed’s sustainable services assist businesses in doing precisely that. This most recent investment will support the expansion of our growing team, advance our technology stack and scale the brand.”
The company already works with telecoms clients such as Three Mobile and has helped to launch a refurbished technology offering for Three Mobile subsidiary SMARTY.
ACF Investors – who led the funding round – managing partner Tim Mills added: “The awareness for sustainability is fundamentally altering the retail landscape, promoting more responsible consumption. Recommerce is at the forefront of this shift, growing 11 times faster than traditional retail.”
