A lot of us are already bouncing off the walls due to the lockdown, but we’re bouncing for completely different reason now as Back Market has just raised $120 million from three investment funds.
At a difficult time when we find ourselves thinking more and more about how we interact with the planet and each other, this tidy sum should allow us to hit the accelerator even more so in our quest to push forward a slightly more reasonable way of consuming tech products, and doing better with less.
In the interest of complete transparency, we wanted to share with you our answer to the most obvious of questions: “What are we going to do with all this dough?”.
Adding Talent to Talent
We still feel like we’re at the very beginning of Ocean’s Eleven – Like Rusty Ryan and Danny Ocean going door-to-door to assemble the perfect team to pull off the heist of the century.
The Terry Benedict’s of this world will need to watch out
Since we launched at the tail-end of 2014, we’ve already brought on-board nearly 300 Back Makers, each more talented than the last. But every dream team could use a ringer, so if you feel that you’ve got the style, substance and thirst to join a project that makes sense, then make sure to click here.
P.S. It also works if you know great people to recommend to us. We offer £1000 for each recruitment we make, so get your headhunting hat on.
Pushing Up the Quality of Products and Services Ever Further
To use a term commonly used in the magical world of start-ups, we’re aiming for our North Star. That’s the phrase that aligns the actions of all the members of a team on one single goal, achievable in the medium term.
Here’s Back Market’s North Star for the next two years:
Making it so that there is no factual reason to chose a new product over a refurbished one.
Reaching this objective implies having a level of quality perfectly in-line with that of the New market. We have never been so close to achieving this than we are now, but we still want to increase the size of our quality teams, develop new services, speed up customer service and improve satisfaction, and strengthen our industrial expertise to benefit our merchants. This new round of financing gives us the means to carry out all these projects.
Accelerating International Development
Our very first client (Hi Hermine M.) was literally 5 meters away from our office when we were incubated at NUMA. Yesterday, a Back Market order was sent to the far end of Colorado (Howdy Stephen B.), about 7,859 kilometres from our Paris headquarters. That gives you an idea of how far we’ve come in six short years.
The famous Hermine M. with a GDPR-friendly sticker on her face
While we’ve come a long way, we have no intention of resting on our laurels. We’re tackling a global problem, so we need a global service to overcome it. This investment gives us the means to accelerate in the countries we already cater to, from Germany to the UK and across the pond to the US. It also means we’ll soon be serving up some Polish punchlines and Swedish savings in the very near future. Nie możemy się doczekać.
Radicalising Ourselves One More Time
Basically, we are here for one reason: to go forth and sabotage the industry of New, by extending the lifetime of devices to the maximum in order to take production of brand new to the minimum. Sabotage at Back Market is both the principle and the purpose of our actions. It is also our modus operandi.
We certainly don’t plan on giving in to the siren calls of gentrification and stagnation. The money raised will come to finance our actions as saboteurs. There’s certainly still some way to go to make the refurbished industry more efficient, more attractive and more exemplary. All of which requires a great deal of enthusiasm (we’re overflowing with it), a whole heap of energy (no shortage here) and the necessary financial means (done).
So, all that’s left to do is to get back to work…
Let’s do it!
Thibaud, Quentin and Vianney…
co-founders of Back Market