Singaporebased reebelo 29m series 50mhalltechcrunch

Reebelo Raises $29 Million in Series A Extension, Expands US Presence as Circular Economy Gains Momentum

Benjamin leo July 7, 2023

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singaporebased reebelo 29m series 50mhalltechcrunch

Reebelo, a company that sells affordable and sustainable used electronics, has received an additional $29 million in funding. This brings their total funding to $50 million.

Reebelo is a Singapore based company and they have opened their office first headquarters in San Mateo, California. Reebelo aims to promote a circular economy, where people buy and sell secondhand and refurbished goods instead of throwing them away.

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Reebelo’s marketplace offers a wide range of used devices like phones, laptops, tablets, smartwatches, and gaming consoles. These products have discount up to 70% on the original price. The company ensures that the devices are in good condition by providing one-year warranties, certified sellers, and a 30-day return policy. Reebelo has gained popularity, serving over 200,000 customers and experiencing a 12-fold increase in sales over the past two years.

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The United States has quickly become Reebelo’s second-largest market, with more than 21,000 customers. The company expects the US market to become its biggest within the next six months. The funding they received will help them expand their team in the US and open a second office. Reebelo also plans to invest in their existing markets, like Singapore, and expand to Canada later this year.

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Reebelo has been working on new services, including a buyback program that allows users to sell their unwanted devices for cash and upgrade to newer ones. They also offer an extended warranty program called ReebeloCare, which provides two years of extra protection and allows for screen and battery replacements. These services have seen a 330% hike in one year.

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The recent funding round was led by Cathay Innovation, along with participation from Moore Strategic Ventures, Gandel Invest, and Antler. Reebelo aims to become the most trusted place for buying refurbished tech and plans to explore new categories, such as gaming and mobility, in the coming years. With a strong focus on sustainability and providing affordable electronics, Reebelo is well-positioned to capitalize on the growing demand for circular economy practices