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On Tuesday (16 June), Helsinki-based start-up Swappie announced that it has raised $40m in Series B funding.<\/p>\n
Investors in the Series B round include TESI, Lifeline Ventures, Reaktor Ventures and Inventure. All of these VC firms also participated in the firm’s Series A round, which was held in 2019. The latest investment brings the total raised by Swappie to $48m.<\/p>\n
The start-up, which has developed an end-to-end online marketplace for buying and selling refurbished smartphones, said that it plans to launch in Ireland, Germany, Portugal and the Netherlands following the funding announcement.<\/p>\n
Expansion plans<\/strong><\/p>\n Founded in 2016 by Sami Marttinen and Jiri Heinonen, Swappie aims to provide consumers with a more affordable and environmentally-friendly way to upgrade their phones. According to the company, an average of 85-90pc of a smartphone’s environmental impact is created during the manufacturing processing.<\/p>\n Swappie said that by expanding into Ireland and other parts of Europe, the start-up will provide Irish consumers with high quality refurbished devices for up to 40pc less than the price of a new device. Phones sold on the platform also come with a warranty.<\/p>\n The start-up expects that Irish consumers will be able to engage with Swappie and sell existing devices to the start-up from mid-August.<\/p>\n Marttinen, CEO of Swappie, said: “As Irish consumers become more aware of the environmental impact that their purchasing decisions have, we expect to see far greater demand for high quality refurbished smartphones. Because we refurbish every device ourselves, in our own factory, we control the whole value chain.”<\/p>\n “We’ve already seen fantastic demand for Swappie and we are thrilled to be announcing today’s investment, which will allow us to accelerate our international expansion and make the circular smartphone economy truly mainstream in Ireland and across Europe,” the CEO said.<\/p>\n Swappie also plans to use the funding to accelerate the growth of its team. The company highlighted how it grew from a team of two in 2017 to a team of more than 260 people from more than 31 different countries in three years. Swappie’s growth plans involve hiring another 400 people across Europe in the next 12 months.<\/p>\n Tags:<\/b> Kelly Earley<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"See Campaign: <\/strong>https:\/\/www.siliconrepublic.com\/start-ups\/swappie-funding-ireland-refurbished-iphone-smartphones<\/a>
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Kelly Earley<\/p>\n
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On Tuesday (16 June), Helsinki-based start-up Swappie announced that it has raised $40m in Series B funding. Investors in the Series B round include TESI, Lifeline Ventures, Reaktor Ventures and Inventure. All of these VC firms also participated in the firm’s Series A round, which was held in 2019. The latest investment brings the total … Continue reading Swappie raises $40m and announces Irish expansion plans<\/span><\/a> Continue Reading