Milestone hit after a new £705,000 round, following 2020 launch
Refurbished and pre-owned-tech brand Reboxed has exceeded £1 million in funding since its launch last September, following a latest round of seed investment.
Ministry of Sound and angel investors including gaming vlogger Alastair Aiken led the latest £705,000 funding round.
The pair join Dyson CEO Martin McCourt, Mazuma co-founder Charlo Carabott and Ustwo co- founder Matt Miller as investors.
The latest backing meets a significant financial milestone for the firm, which outlined its commitment to ‘rehoming’ 100 million devices by 2030 at the time of launching.
The investment will enable Reboxed to launch its recycling service, allowing customers and retailers to trade in used devices through the company’s TechCheck software.
Reboxed co-founder and CEO Phil Kemish said the investment would drive the brand’s growth.
“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,” he said.
“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.”
For every device that Reboxed buys or sells, the company plants five trees, while it also donates one per cent of profits to environmental charities.
Ministry of Sound chairman Lohan Presencer said: “Almost everyone in the world has a phone. They break and get replaced with the latest models, creating mountains of e-waste as a result.
“Reboxed is on a mission to recycle tech waste constructively, one that we wholeheartedly support.”
YouTuber Aiken added: “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.”