REEBELO OPENS US HEADQUARTERS AND COMPLETES $50 MILLION SERIES A TO SUPPORT THE $339 BILLION CIRCULAR ECONOMY

Cathay Innovation led round to support tech platform's US expansion as company opens headquarters in Silicon Valley

SAN MATEO, Calif., March 20, 2023 /PRNewswire/ -- Reebelo, the fastest growing marketplace for affordable, sustainable consumer electronics, today announced it has raised US $29 million, bringing the total series A amount to US $50 million. The new financing round was led by Cathay Innovation (Global) with participation from Moore Strategic Ventures (USA), Gandel Invest (Australia), and Antler (Global) and also marks Reebelo's official launch in the United States.

Founded in 2019 by Philip Franta and Fabien Rastouil, Reebelo has become one of the most trusted platforms for buying refurbished consumer electronics. Despite the tumultuous market, Reebelo has proven recession-proof, with the company experiencing strong growth while maintaining top tier unit economics. Since its launch in 2019, Reebelo has seen its gross merchandise value (GMV) grow 12X over the past two years and has served over 200,000 customers. Global sales tripled in the last year, with the US growing to 25% of total sales. 

Reebelo's momentum is yet another positive proof point for the booming recommerce market, which is projected to reach $245 billion in the US by 2025 and is currently globally estimated at $339 billion. While other sectors have faltered, the circular economy continues to show major momentum, with several Fortune 100 behemoths also making the foray into refurbished tech as they seek to gain the loyalty of younger generations committed to sustainable practices. According to a First Insight report, between 2019 and 2021, Gen Z increased its recommerce purchases by 44%. Concurrently, Gen Z also values affordability, with the survey reporting that almost 30% prefer to shop recommerce based on price. This bodes well for Reebelo, a company committed to putting electronics within the reach of all demographics, regardless of background.

Reebelo Opening Headquarters in the Bay Area

In tandem with its official US market launch, Reebelo will open its global headquarters in the Bay Area (San Mateo) and grow its US presence to 50 team members to build out operations, while continuing to grow Singapore as the company's APAC headquarters. Led by General Manager Joffrey Clautour, who has over 8 years of refurbished tech experience with Brightstar and Alchemy Global Solutions and Director of Business Development Taylor Munguia, formerly with eBay, the company currently has more than 21,000 customers in the US and a US Trustpilot score of 4.7/5 with an 'Excellent' rating. Reebelo is offering 30 days free returns backed by a free one-year warranty and is only relying on local vendors to sell its refurbished devices.

"Silicon Valley is the perfect location for Reebelo's headquarters to support its growing business in the U.S. and serve as a jumping off point as we look to open a second U.S. location this year," said Philip Franta, Founder and CEO at Reebelo. "The talent pool is obviously unparalleled and offers us an ideal home base for serving customers eager for a trusted platform that delivers affordable devices from great brands, all while shopping sustainably."

Reebelo to Build out US and Global Teams, Focus on New Embedded Financial Services

The new funding round will be used to grow Reebelo's team in the US and other global markets, with a second US office opening and Canadian expansion planned for later this year. The team will also continue innovating in order to improve its product offering, with a specific focus on the following embedded financial components:

• Buyback Program: Launching in the US shortly, the asset-light, op-ex efficient, Reebelo Buyback Program allows users to sell their unwanted devices for cash, with Reebelo guaranteeing the best price due to its large vendor network and customer-centric approach
• Protect & Upgrade: A customer-friendly offering that provides consumers with an easy way to upgrade their device whenever they want to, Protect & Upgrade streamlines the circular economy purchasing model by cutting out the middle step
• ReebeloCare: ReebeloCare offers two years extra protection, including accidental damage as well as screen & battery swap. The program has proved popular in other markets, with the company seeing a phenomenal 330% year-over-year growth in ReebeloCare over the last year

In line with the Reebelo mission of making affordable electronics accessible to everyone, 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 70-plus checkpoints before being listed on the marketplace. By partnering with more than 100 certified vendors, Reebelo offers the best inventory for certified pre-owned tech in its markets, delivered through a platform built on sustainable values and quality-assured devices.

"The decision to center its operations in the US further positions Reebelo to make inroads as a major global recommerce player," said Rajive Keshup, Partner, Cathay Innovation, "Its reach as a pivotal platform for the circular economy is expanding beyond Australia and Southeast Asia to encompass one of the most market-critical regions in the world. At the same time, we have been hugely impressed with Philip and Fabien's leadership and laser-like focus on growing a large global platform spanning from San Francisco to Sydney, while remaining highly capital efficient."

About Reebelo

Reebelo is a leading marketplace for pre-loved tech devices. Our vision is to reduce e-waste by building a circular economy for refurbished electronics. While doing so, we enable consumers & small businesses to save up to 70% on their favorite brands. Reebelo has offices in the U.S., Australia, Singapore, New Zealand, Malaysia, Hong Kong and South Korea.

About Cathay Innovation

Cathay Innovation is a global venture capital firm, created in affiliation with Cathay Capital, investing in startups at the center of the digital revolution across North America, Latin America, Europe, Asia and Africa. Its global platform unifies technology investment across continents, investors, entrepreneurs and leading corporations to accelerate startup growth with access to new markets, invaluable industry knowledge and introductions to potential partners from the start. As a multistage fund with over $2B assets under management and offices across San Francisco, New York, Paris, Shanghai, Beijing and Singapore, Cathay Innovation partners with visionary entrepreneurs and startups positively impacting the world through technology.

To learn more, please visit www.cathayinnovation.com or follow us on Twitter @Cathayinnov.

About Moore Strategic Ventures

Moore Strategic Ventures, LLC is the privately held investment company for Louis M. Bacon, Founder and CEO of Moore Capital Management, LP.

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SOURCE Reebelo