Swappie announced a $5.6 million round A financing from Inventure, Lifeline Ventures and Reaktor Ventures.
Swappie, a Helsinki, Finland-based company providing servicing and selling used iPhones, announced that it completed a series A financing round of 5 million euros ($5.6 million).
Most of the funding consists of EUR 4.5M in equity financing led by Inventure and which included existing investors, Lifeline Ventures and Reaktor Ventures. State-owned agency Business Finland also contributed with EUR 500k in a public grant. The funding will be used for expanding further in Italy and other European markets in the following period.
Swappie, founded in 2017 by Jiri Heinonen and CEO Sami Marttinen, aims to make refurbished consumer electronics mainstream. Alongside its home market Finland, the company also operates in Sweden and Italy via an online store supported by logistics from Finland. In 2018, Swappie sold 25,000 used iPhones and had a turnover of EUR 8.1M ($9M), with a loss of EUR 1.1M. In 2017, revenue was only EUR 500k.
Prior to this round, at the beginning of 2018, Swappie raised $1M.