Revibe secures $7m investment to cement position in MENA’s refurbished tech sector - Mubasher Info
UAE – Mubasher: Revibe, the UAE-founded leader in guarantee-backed refurbished tech, has marked another milestone in less than two years since its launch after recently closing its Series A of $7 million in a round co-led by ISAI and Resonance, and featuring prominent investors such as Kima Ventures and Edouard Mendy.
This follows a year of strong revenue growth for the company, according to a press release.
The fresh infusion of funds now strongly positions Revibe as the leader in the MENA region’s $6 billion refurbished consumer electronics segment.
Revibe Co-Founder, Abdessamad Benzakour, said: “Buoyed by clear and commendable government visions and initiatives, an increasingly sustainability-oriented society, and cost-conscious consumerism, the market for pre-loved tech is set to accelerate to $20 billion within a decade. While our ability to deliver like-new devices at 30% to 70% below their retail price points is undoubtedly appealing, it is our unmatched quality assurance that sets us apart, earning us a loyal and ever-expanding customer base.”
After securing $2.30 million in seed funding last year, Revibe which at launch focused on smartphones and laptops considerably expanded its category of offerings, adding gaming, accessories, and smartwatches. To elevate customer convenience and deliver a slicker and more streamlined purchasing experience, the company also invested to deliver dedicated iOS and Android apps.
As it progresses steadily towards its goal of being the region’s ‘trusted marketplace for refurbished tech’, Revibe maintains customer satisfaction as its north star.
The company’s comprehensive one-year warranty, free shipping and returns, 10-day return policy, and human-led and AI 24x7 customer support have resonated strongly with consumers, yielding sales of over 80,000 refurbished devices over the last two years. This has translated not only to savings of over $14 million for customers, but also over 4 million kgs of CO2 emissions and 960 million litres of water being saved.
With its latest infusion of funds, Revibe will now work to accelerate and consolidate its expansion in emerging markets, while investing in expanding its customer care and quality assurance teams.
Revibe’s Co-Founder Hamza Iraqui, said: “Our revenue growth proves that we have a sound business model that addresses a clear market need in emerging markets. We are especially proud to stand as proof that a sustainability-focused enterprise can be a win-win endeavour, turning over positive unit economics while deliver compelling value to customers. These will continue to be the pillars of our strategy as we expand steadily across other geographies.”
Principal at ISAI, William Vermont, noted: “We are thrilled to invest in the leading B2C marketplace for refurbished electronics in the region. This venture reflects our commitment to supporting innovative solutions that enhance accessibility and sustainability in consumer technology. We are happy to already witness a significant growth of the company since our investment earlier this year – with healthy unit economics.”
Meanwhile, Maxime Le Dantec, Partner at Resonance, said: “Revibe is one of the fastest-growing startups we’ve had the privilege to support through Resonance, and today we’re proud to double down on our investment. As the leading electronic refurbishment marketplace in the MENA region, Revibe is poised to expand its reach globally, with a bold ambition to become the #1 player in developing markets. They are tackling an impressive $30 billion market opportunity with remarkable execution."
Source: Mubasher Source: {{details.article.source}}