london-based refurbished electronics startup reboxed raises £1m to rehome 100m devices by 2030

Consumer electronics is one of the world’s most polluting industries generating around 50 million tonnes of e-waste every year. Around millions of mobile phones goes to waste every year, eventually ending up in a landfill. And every single one of those devices has taken precious earthly materials to create, at a cost to the environment and local communities.

Founded by Matt Thorne and Phil Kemish, London-based Reboxed aims to transform the way we buy and sell used technology, creating a smarter and more sustainable choice for consumers to upgrade and trade their tech while saving money and the planet.

Secured £1M

In the latest development, the refurbished and pre-owned tech brand reboxed has secured £1M in funding, including a new seed investment round led by the Ministry Of Sound and angel investors totaling £705k.

Lohan Presencer, Chairman of Ministry of Sound said “Soon, almost everyone in the world will have a phone. Phones get broken or replaced, we purchase the latest models and create mountains of e-waste as a result. Reboxed is on a mission to show how tech-waste can be recycled constructively and it’s a mission we wholeheartedly support. We are excited about sharing their story with our customers and supporting the business, and it grows to the next level.”

How will the funding be used?

The funding will be used to support the launch of the reboxed recycling service allowing customers and retailers to trade in used devices via the reboxed TechCheck software. 

Further, the company will utilise the investment to help in their mission to rehome 100 million devices, grow the team and introduce the brand to millions of more people leveraging partnerships with content creators, including collaborations with tech enthusiasts like an investor and YouTube star Ali-A.

“I am actively looking to invest in startups that I feel can have a positive impact in areas both I and my audience are interested in. One of these interests is technology, that’s also trying to be environmentally aware, so it was a no-brainer when the opportunity came up with Reboxed. I love that these devices are being fixed up and rehomed at an affordable price, whilst reducing the amount of tech waste. I am excited to work with Reboxed to change the way we think about old or damaged and create a positive shift in the tech industry.” says Ali-A

Against throwaway culture

The UK company refurbishes and reboxes used devices into premium phones. The company follows its circular model – rebox, rehome, repeat, thereby making a positive impact on the environment and society.

reboxed wants to mobilise people against throwaway culture, which has a hidden dark side of harmful emissions, toxic waste, and a planet plundered of resources.

For every device bought or sold, reboxed plants 5 trees with Ecologi and donates 1% of profits to climate change projects.

Phil Kemish, reboxed co-founder and CEO, said: “This investment is an exciting step to help us expand the brand and partner with more retailers to transform the pre-owned and refurbished experience. This investment shows the confidence in what we’ve built so far and we’ll continue on our mission to deliver an exciting and exceptional upgrade for all our customers and the second-hand tech industry. ”

Co-founder Matt Thorne says “Prolonging the life cycle of any device is at the heart of everything we do, so by getting more people and businesses to use our industry-leading software and trying our quality pre-owned products means we can give more tech a fresh start. We are committed to creating a circular economy for used tech and shifting people away from buying new to reboxed means we can save money and the planet while still offering value, quality, and convenience.”

Latest breaking 24h news around the world Latest breaking 24h news around the world - Page 2 Latest breaking 24h news around the world - Page 3


LATEST NEWS

NEWS RELATED

UK's paytech Juno launches with £1.6M seed investment

In the latest development, Juno, a digital payment platform, has secured £1.6M seed investment from angel investors and venture capital firms, including Lakestar, Six Group’s, and JME Ventures.  The company has also launched the first digital payments platform in the UK to leverage Open Banking technology.  The company will interface…

Read more: UK's paytech Juno launches with £1.6M seed investment

London-based Embargo raises $1.1M for its digital loyalty cards

London-based Embargo is a loyalty platform and CRM system for hospitality businesses such as restaurants, bars, and coffee shops that recognise and reward customers using its pioneering technology. Now, the company just picked up $1.1 million (nearly £830K) in a funding round. Investors galore Embargo received cross-sector financial support, with…

Read more: London-based Embargo raises $1.1M for its digital loyalty cards

UK fintech Dopay picks £13.1M to make payments electronically

Worldwide, an estimated 200 million businesses still rely on cash payments, and 1.7 billion people in regular paid work have no access to bank accounts. Based out of London, Dopay is set to break the cash cycle with a range of services.  Raised £13.1M Recently, the UK company Dopay raised…

Read more: UK fintech Dopay picks £13.1M to make payments electronically

French construction tech platform Saqara raises £7.6M to expand in UK

French scaleup Saqara is a digital construction and infrastructure bid management platform. In a recent development, the digital procurement platform just raised $10.6 million (nearly £7.6 million) in the largest French Series A Contech fundraising round. Plans to expand into UK and beyond The investment round was led by Europe’s…

Read more: French construction tech platform Saqara raises £7.6M to expand in UK

Getting Finance - Part 1

So far in the series I have looked at some of the different types of assistance that is available to a startup and also about what benefits working with a Mentor can bring and how you should be trying to maximise those benefits. 

Read more: Getting Finance - Part 1

Raising a VC fund

European VC funds are raising a record amount of capital in recent years - $13B in 2018 with over 40% going into funds greater than €250M . Venture is not only a vital source for startup companies to achieve growth and create value through innovation - it is key for the overall economy. In essence, it is a two-sided business, where exceptional founders are matched with capital. While a lot has been said and written about the ‘front’ facing side of the venture industry, how do venture capital firms emerge and raise their funds?

Read more: Raising a VC fund

Accountancy Advice: Where things can go wrong and what to look out for

Getting accountancy advice and assistance is a natural and important step for all most businesses, especially those starting out. When you hire an accountant, the last thing you anticipate is that they will be negligent. Unfortunately, accountants and other professionals do not always get it right.

Read more: Accountancy Advice: Where things can go wrong and what to look out for

Life's a Pitch

Sachin Dutta, Growth Hacker and Founder of Tractionic, shares a growth hacker's perspective on why humans fail and how to succeed at crowdfunding.

Read more: Life's a Pitch

The change is us...

What to look for in a financial advisor?

What should you consider before you start investing?

How raising money has changed during the pandemic and what raising investment will look like during economic recovery

Podcast publisher launches crowdfunding campaign

The potential of Open Finance and the digitisation of tax records

Growth vs profit: The ultimate conundrum

Partnership allows startups gain fast access to flexible funding

OTHER NEWS