Singapore-based Reebelo has secured $20 million U.S. in Series A funding, which the tech marketplace will use to increase headcount, adopt new services, and enter other markets.

The company intends to hire over 50 new professions in its existing markets and expand into several new territories in 2022. It is also planning to introduce device protection, giving customers a two-year warranty that it says is commonplace for new devices.

“We believe in a future where everyone has access to affordable electronics, consumed in a more sustainable way,” said founder and CEO Philip Franta. “When consumers become part of Reebelo’s circular economy, they save money and help the planet.”

Reebelo says that its users can save up to 70% on electronics. Devices including phones, laptops, drones and gaming hardware are refurbished and put through 40-plus checkpoints before being listed on the platform. Customers can also rent gadgets.

Through its partnerships with over 100 certified vendors, Reebelo claims to offer the largest inventory for certified pre-owned tech in its markets.

Describing its mission as “to refresh the way tech is consumed by making device consumption affordable, sustainable, and delivered through a platform built on sustainable values and quality-assured devices,” the company says it is the leading marketplace for second-hand tech devices in the Asia-Pacific region.

Since it was founded in 2019 by Franta and Fabien Rastouil, Reebelo has seen revenues soar by 600% year-over-year, exceeded 10,000 monthly customers, and is on course to post $100 million in annualized GMV, according to company data.

The funding round was led by Cathay Innovation and June Fund. It had participation from FJ Labs, KREAM (an affiliate of Naver), Moore Strategic Ventures, French Partners, and Gandel Invest. Existing investors Antler, Maximilian Bittner (co-founder Lazada, CEO Vestiaire Collective), Michael Cassau (founder & CEO of Grover), and others also contributed.

“Innovation and startups like Reebelo are key components in the transition towards a more sustainable economy and world,” said Rajive Keshup, investment director at Cathay Innovation.

“Reebelo is providing a platform and marketplace for consumers that makes it easier for anyone to obtain electronic goods, all while helping to solve the problem of e-waste. The company is providing a pivotal platform for the circular economy in Southeast Asia and Australia, and we look forward to helping foster their expansion and growth.”

David Rosskamp, founder and managing partner at June Fund, added, “Reebelo is building a central trading infrastructure for circular commerce, and I have witnessed the team’s focus and excellence. We are happy to increase our commitment, to be backing the team again and to continue our close cooperation.”

The electronic marketplace currently has offices in Australia, Singapore, New Zealand, Hong Kong, Malaysia and Taiwan.

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