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Big Cash For Old Tech: Back Market Raises $510 Million For Reselling Old Electronics

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Back Market offers a marketplace for approved partners to sell old phones, tablets, smartwatches, and other electronics, thereby “up-cycling” them and reselling them to consumers who might want fairly new tech but just a little more affordably.

The new half-billion-dollar funding round brings total investment in Back Market to more than $1 billion since the company was founded in 2014. Back Market has over six million customers, and sees its mission as a critical stage in the evolution of the electronics market.

It also makes sense when you consider that for car sales, most dealerships make more money when they sell a used car then when they sell a new one.

 

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