Swappie: 108 million euros to push the circular economy

108 million euros. Thus closes the new financing round of Swappie, leading company in the purchase and sale of refurbished iPhones.
This latest round, led by the Verdane investment fund, will allow Swappie to meet the growing demand for refurbished goods why not, it’s not a small niche. Indeed, the overall market for used and refurbished smartphones will grow by 10.23% between 2022 and 2027. The Finnish company will take advantage of the new injection of funds to support its presence in Europe, with particular interest in Italy and the Germany, and to increase its workforce, from 1,200 to 2,200 employees by the end of 2022.

Sustainability and circular economy

E-waste exists and is ravaging our planet.
In the course of 2022 it is expected that 1.4 billion new smartphones will be sold and, in their first year of use alone, they will generate 146 million tons of CO2 emissions of which 83% due to production and shipping.

It is in this scenario that refurbished products come into play which, contrary to what we usually think, are no less beautiful, performing and useful than new ones.
Swappie then decided to focus on iPhones, developing an incredible know-how that allows them to better repair devices, guaranteeing high standards and minimizing waste.

The Finnish company also controls the entire supply chain and manages the whole process, from testing and repairing used phones to selling refurbished devices directly to consumers, providing a guarantee of at least 12 months.

“Swappie through this new investment round strongly strengthens its European leadership in the sector – he explains Sami Marttinen, co-founder and CEO of Swappie – The main priority is to accelerate growth in the European markets in which it is present with the aim of further expanding in the coming years and increasingly satisfying the growing demand.
People are increasingly looking for ways to reduce their environmental impact and from today it is also possible to do so through the conscious purchase of a refurbished smartphone. We all want to have the most advanced technology available, but it is possible to obtain it without weighing on the future of our planet.
We truly believe that Swappie can drive consumer awareness and confidence in the industry by standardizing quality, increasingly promoting the role of sustainability and making the purchase of a refurbished smartphone as common as the purchase of a used car “.

Janne Holmia, Verdane partner added: “As people and businesses progressively move towards a more sustainable lifestyle, the space for iPhone refurbishment and re-commerce has grown considerably, and with it Swappie, which has demonstrated the potential. to become the European market leader for refurbished smartphones. Verdane is thrilled to work alongside Swappie and to make available his experience in creating a sustainable digital business that supports the vision of a more resource efficient future for the European consumer. “

“The market opportunity for refurbished smartphones is vast. The market is worth 100 billion euros in Europe and used or refurbished phones today represent just over 10% of it. With only 25% of used phones currently being sold, there is huge growth potential. At Swappie we see this potential as a great opportunity to consolidate our efforts in the growth of current European operations, ”he concludes Emma Lehikoinen, Chief Operating Officer di Swappie.