Pre-owned gadget retailer Revibe nets $7m in Series A funding
Revibe's product portfolio now extends beyond smartphones and laptops
Dubai: A near two-year old firm, UAE based Revibe secured $7 million through its Series A funding round, which led by ISAI and Resonance. Other investors include Kima Ventures and Edouard Mendy.
The fund intake comes after a year of revenue growth for the company and positions Revibe as ‘leader in the MENA region’s $6 billion refurbished consumer electronics segment’.
What the company does is give pre-owned tech gadgets an extensive repair and reset, and then sell them off.
“The market for pre-loved tech is set to accelerate to $20 billion within a decade,” said Abdessamad Benzakour, co-founder of Revibe. “While our ability to deliver like-new devices at 30% to 70% below their retail price points is undoubtedly appealing, it is our quality assurance that sets us apart, earning us a loyal and ever-expanding customer base.”
The company secured $2.3 million in seed funding last year. Revibe — which at launch focused on smartphones and laptops — has expanded its category of offerings, adding gaming, accessories, and smartwatches. The company also invested to deliver dedicated iOS and Android apps.
The company offers 1-year warranty, free shipping and returns, and a 10-day return policy, which netted sales of over 80,000 refurbished devices over the last two years.