Used electronics marketplace Reebelo has raised $29 million U.S. from Cathay Capital, Moore Strategic Ventures, Gandel Invest and Antler, bringing the total amount raised in its Series A funding round to more than US$50 million.
This financing will be used for product development and additional international expansion, starting with Canada later this year.
Reebelo currently operates in Singapore, Australia, New Zealand, Malaysia, Hong Kong and South Korea and recently moved its global headquarters to San Mateo, California. As a result, its office in Singapore (where the company was founded) became the company’s Asia-Pacific headquarters.
Founded in 2019 by Philip Franta and Fabien Rastouil, Reebelo says it has served more than 200,000 customers to date, with the U.S. market accounting for 25% of revenue last year.
According to CEO Franta, “We still have a lot to grow within refurbished electronics. It’s also about becoming the most trusted place for refurbished tech. Beyond this, we are testing a few related categories. Gaming is super interesting and mobility is quite interesting, so that’s what we mainly want to look into in the next few years.”
“Silicon Valley is the best location for Reebelo’s global headquarters. It can accelerate our business expansion plan in the U.S. market, provide a lookout for the establishment of the second U.S. office and has an excellent talent pool.”