Eva Yoo is the founder of Seek Road, the project where she cycles from Seoul to London and interviews startups on the Silk Road.
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While a number Efforts to curb the spread of the COVID-19 virus have hit the number of startups hard. The overtaking company Back Market is experiencing increased growth worldwide.
The Paris A customer-based startup encourages customers to send in their old devices so that they can be overhauled and resold in the used e-commerce market. The growth that was achieved in the middle of the COVID-19 crisis is partly due to higher laptop sales as people are looking for better devices to work remotely.
Back market is for people who are not sure whether outdated products are reliable enables customers to send in old devices, replace them with newer versions and pay the difference. CEO Thibaud Hug de Larauze said that this payback service is currently only available in France, but will be available in other markets from the second quarter.
Back Market was founded in 2014 and raised a total of EUR 48 million in two rounds, most recently a Series B in June 2018. The company is profitable and reportedly still has money for its last round of financing.
"We do not publish gross goods volume, but it is a three-digit growth rate," Hug de Larauze told theinformationsuperhighway. “The demand for laptops, printers and other devices that are needed for working at home has increased. The demand for obsolete phones is falling as people search for the most important items they need, such as groceries for their situation. "
In the past two weeks, Back Market has seen rapid demand from Italy, a nation with a high number of coronavirus deaths, warning citizens that they would stay in their homes for four weeks.
Another factor that has contributed to the growth of the platform: smartphone brands like Apple and Samsung closed their retail stores, making the back market an important supply channel. While offline retailers and carriers in Europe are closed, Hug de Larauze says Chinese offline retailers and renovation factories are starting to work again.