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Smartphone marketplace Swappie raises €35m as it launches in Ireland

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(stock photo)

(stock photo)

PA Archive/PA Images

(stock photo)

Swappie, an online marketplace for buying and selling refurbished phones, has raised $40.6M (€35.8m) in Series B funding as it launches in Ireland.

The funds will be used to accelerate its growth and to support the company’s expansion plans in Europe.

Consumers here can now access refurbished phones that come with a warranty for up to 40pc less than the price of a new device.

By mid-August, Irish customers will be able to sell their existing devices to Swappie.

Sami Marttinen, CEO and co-founder of Swappie, said: “As Irish consumers become more aware of the environmental impact that their purchasing decisions have, we expect to see far greater demand for high quality refurbished smartphones.

Because we refurbish every device ourselves, in our own factory, we control the whole value chain. This means we can deliver the highest quality devices, under warranty, for much less than the cost of a new phone.”

Co-founded in 2016 in Finland by Sami Marttinen and Jiri Heinonen, the business aims to provide customers with a way to upgrade their phones in a “high quality, more affordable and environmentally friendly” manner.

To date Swappie, which is operating in Italy, Sweden, Finland and Denmark, has raised $48m (€42.5m).

This latest funding round includes venture capital firm TESI, alongside existing investors Lifeline Ventures, Reaktor Ventures, and Inventure.

Last year Swappie recorded sales of over $35m.

Online Editors