Revibe, a UAE-founded B2C marketplace specializing in refurbished electronics, has successfully closed a Series A funding round, securing USD 7 million. The round was co-led by ISAI and Resonance, with additional investments from Kima Ventures and Edouard Mendy. The funding comes after a year of significant revenue growth, positioning Revibe as a key player in the Middle East and North Africa’s (MENA) USD 6 billion refurbished electronics market.
Revibe has sold over 80,000 refurbished devices, saving customers USD 14 million and reducing CO2 emissions by 4 million kg. The company’s growth is driven by rising demand for affordable, sustainable tech, with the refurbished mobile phone market expected to grow significantly in the coming years. According to Cognitive Market Research, the global refurbished mobile phone market was valued at USD 53.81 billion in 2022 and is projected to reach USD 120.96 billion by 2030, growing at a CAGR of 10.8%.
Co-Founder Abdessamad Benzakour attributes Revibe’s success to government initiatives supporting sustainability, a growing consumer preference for cost-effective technology, and the company’s commitment to quality assurance. He emphasized that Revibe’s ability to deliver high-quality, like-new devices at 30% to 70% below retail prices is one of the key factors driving customer loyalty.
In addition to smartphones and laptops, Revibe has expanded its product offerings to include gaming devices, accessories, and smartwatches. To further improve customer experience, the company launched dedicated iOS and Android apps, making it easier for users to shop for refurbished tech.
Revibe’s customer-centric approach includes a one-year warranty, free shipping and returns, a 10-day return policy, and 24/7 customer support powered by human-led and AI systems. This service model has helped the company sell over 80,000 refurbished devices in the past two years, saving customers millions and reducing water consumption by 960 million liters.
With the new funding, Revibe plans to accelerate its expansion into emerging markets and invest in its customer care and quality assurance teams. The company aims to continue its rapid growth, driven by its sustainable business model and commitment to providing value to customers.
William Vermont, Principal at ISAI, expressed excitement about supporting Revibe, noting the company’s potential in the refurbished electronics market and its focus on accessibility and sustainability. Maxime Le Dantec, Partner at Resonance, echoed this sentiment, highlighting Revibe’s remarkable execution and ambition to become the leading player in emerging markets.
Revibe currently operates in Saudi Arabia, the UAE, Kuwait, and South Africa and is committed to advancing the circular economy in the tech industry.
