Key Takeaways:
- Funding Secured: Revibe, a UAE-based refurbished electronics marketplace, raises $7 million in Series A funding to fuel expansion and growth.
- Sustainable Growth: The company has achieved significant traction in the MENA region, selling over 80,000 refurbished devices and promoting sustainable consumption.
- Market Expansion: Revibe plans to use the funding to expand into new markets and strengthen its customer care and quality assurance capabilities.
Dubai, UAE – Revibe, a leading provider of refurbished consumer electronics in the Middle East and North Africa (MENA), has secured $7 million in Series A funding. The round was co-led by ISAI and Resonance, with participation from Kima Ventures and football star Edouard Mendy.
This investment comes after a year of strong revenue growth for Revibe, which has established itself as a key player in the MENA’s $6 billion refurbished electronics market. The company offers a wide range of refurbished smartphones, laptops, and other devices at competitive prices, backed by a one-year warranty and excellent customer support.
“Our ability to deliver like-new devices at 30 to 70 per cent below retail prices is appealing, but it’s our unmatched quality assurance that sets us apart,” said Abdessamad Benzakour, co-founder of Revibe.
Revibe’s commitment to sustainability is evident in its efforts to reduce e-waste and promote responsible consumption. The company has already achieved significant environmental impact by selling refurbished devices, reducing CO2 emissions and conserving water.
“With a sustainability-oriented society and cost-conscious consumerism on the rise, the pre-loved tech market in MENA is poised to reach $20bn within a decade,” added Benzakour, highlighting the growth potential of the refurbished electronics market.
The company plans to utilize the new funding to accelerate its expansion into emerging markets and further enhance its customer care and quality assurance capabilities. This strategic move aligns with Revibe’s goal of becoming the leading refurbished tech marketplace in developing markets.
“Our revenue growth validates our business model and proves that a sustainability-focused enterprise can achieve positive unit economics while delivering compelling value to customers,” said Hamza Iraqui, co-founder of Revibe.
Investors have expressed confidence in Revibe’s potential for growth and its positive impact on the environment.
“We are thrilled to invest in Revibe, which is addressing accessibility and sustainability in consumer technology,” said William Vermont, Principal at ISAI. “The company’s growth since our initial investment earlier this year highlights its strong unit economics and execution.”
Maxime Le Dantec, partner at Resonance, added, “Revibe is one of the fastest-growing startups we’ve supported. As the leading refurbishment marketplace in MENA, the company has the potential to become the number one player in developing markets, tackling an impressive $30bn market opportunity.”
Revibe’s success demonstrates the growing demand for affordable and sustainable technology solutions. By providing high-quality refurbished electronics, the company is not only meeting consumer needs but also contributing to a more circular economy.
