Swappie, a company selling used and refurbished iPhones online, has raised a EUR 108 million Series C round. The company, founded in 2016, will use the collected funds to accelerate its already impressive growth, by increasing its headcount from 1,200 to 2,200 and by further scaling the European operations in 15 markets. So far, the company has secured EUR 149 million in growth funding.
”By prolonging the life cycle of smart phones and thus reducing their environmental impact and promoting more sustainable consumption, Swappie fits in perfectly under Tesi’s circular economy investment programme and its impact goals. As the second-hand market is estimated to outpace the market for new smartphones, Tesi wants to further support the strong growth and internationalisation of Swappie that already has a strong position on the market”, comments Heli Kerminen, Director at Tesi’s Venture Capital team.
The round was led by Verdane, a Nordic private equity firm focusing on Northern European tech companies. Existing investors include Lifeline Ventures, Inventure, Reaktor Ventures and Telia Ventures in addition to Tesi (Finnish Industry Investment Ltd). The round was also supported by external financing provider Danske Bank Growth.
Tesi made the initial investment in the company in 2020. Similar to that, Tesi’s recent follow-on investment was made from the circular economy investment programme.
Heli Kerminen, Director, Venture Capital investments
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Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Our investments under management total 2.1 billion euros. www.tesi.fi | @TesiFII