Reboxed secures £1.6 million to tackle e-waste crisis
London, UK, 21 November 2023: Reboxed®, a sustainable tech startup founded in 2020 by friends Phil Kemish and Matt Thorne, has secured £1.6 million in seed funding led by ACF Investors. With a mission to help solve the e-waste crisis by rehoming 100 million electronic devices by 2030, Reboxed provides out-of-the-box solutions for retailers and businesses to accelerate the move to a circular economy. The company plans to use the funds to drive growth and further develop its retail partner programmes and Reboxed for business service.
Each year, technology consumption generates over 50 million tonnes of e-waste and each new device has an average carbon footprint equivalent to 79kg of CO2.
In an effort to reduce CO2 emissions, consumers and retailers are increasingly turning to recommerce solutions. In fact, 22 million people in Britain are considering buying a refurbished phone. Reboxed® has built a recommerce platform that offers premium refurbished and pre-owned devices, such as phones, laptops, tablets, and smartwatches. The company focuses on providing a "like new" experience that emphasizes quality, consistency, and a genuinely circular approach.
Reboxed has experienced rapid growth by enabling clients in the telecom sector, such as Three Mobile, to launch refurbished technology offerings without the need for infrastructure investment. The company's investors include well-known figures such as YouTuber Ali-A, ex-founders of Mazuma and Envirophone, Martin McCourt, former CEO of Dyson, Nick Beighton, former CEO of ASOS, and the Ministry Of Sound group. The latest investment will be used to expand the team, develop new technology, and scale the brand.
ACF Investors, the lead investor in this funding round, believes that sustainability is profoundly changing the retail landscape, creating a trend towards more responsible consumption. Recommerce, in particular, is growing 11 times faster than traditional retail. ACF Investors is backing Reboxed® because the company is shifting the benchmark and providing UK consumers with access to premium "like new" products while maintaining the benefits of recommerce. Reboxed® aims to offer a flexible and hassle-free experience, allowing businesses to achieve their climate goals by using sustainable services.
About Reboxed®: Reboxed® is a B2B2C and B2B recommerce platform that offers out-of-the-box solutions for retailers and businesses to transition towards a circular economy. The company partners with trusted retailers to distribute branded sustainable technology solutions to their customers or employees, making it easy for them to launch a branded sustainable technology category. Some of Reboxed's partners include SMARTY (part of Three Mobile), Lebara Mobile, and Airtime Rewards.
About ACF Investors: ACF Investors, formerly known as the Angel CoFund, is a privately managed venture capital fund established in 2011. The fund works alongside business angels to invest in high-potential SMEs across the UK. ACF Investors has supported 117 companies to date, providing more than £75 million in direct investment alongside over £450 million from other investors. The fund focuses on providing funding to exceptional businesses and has become one of the most active early-stage investors in the country.
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