French refurbished electronic devices marketplace Back Market has announced that they received $335 million in Series D funding.
The round was led by General Atlantic and Generation Investment Management. The company’s valuation now stands at $3.2 billion. Back market, which was founded in 2014, says that the funds will go towards expansion into new markets. Back Market currently operates in 13 countries and has almost 5 million users.
The news was somewhat tainted as the company also reacted to a possible tax proposed by the French government to be implanted on refurbished goods. If passed, the company estimates their valuation will be drop to around $1 billion.