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Reboxed startup review
London-based circular economy startup Reboxed has raised a round of funding. The company has raised £1.6m. The largest investor was ACF Investors.
Founded in 2020 at the height of the pandemic, Reboxed is the project of two friends, Phil Kemish and Matt Thorne. The company provides businesses with turnkey solutions to effectively transition to a better type of economy – the circular economy. This model focuses on reducing resource consumption, favouring renewable materials and recycling waste. The startup’s primary target market is the retail and industrial manufacturing sectors.
The company plans to use the funds raised to develop and expand partnership programmes for retail sector representatives. In addition, Reboxed’s management has set itself a major goal: to return around 100 million electronic devices to their home countries by 2030.
The world’s rapid technological progress has serious consequences for the environment:
- the ever-increasing amount of technology consumed worldwide contributes to 50 million tonnes of e-waste every year;
- each new device leaves an average carbon footprint of 79kg of carbon dioxide.
To reduce the environmental impact, businesses and consumers are looking for ways to tackle the problem. One option is to resell equipment instead of buying new. This trend is gaining momentum in the UK, with surveys showing that 22 million people would rather buy a refurbished smartphone than a new one.
How Reboxed works
Reboxed’s platform helps manufacturers and retailers find the best way to sell technology. The company offers refurbished and pre-owned premium devices. The range includes laptops, smartphones, tablets and smartwatches. In this way, every customer can help reduce carbon emissions and waste.
Despite its relative youth, Reboxed is already showing remarkable results. The startup has helped telecoms company Three Mobile migrate to the latest technology without investing in infrastructure.
The startup’s services are relevant to meeting climate change targets. More and more companies are looking to move towards sustainable business practices, and the London-based startup offers effective solutions.
According to Tim Mills of ACF Investors, the drive towards a circular economy is a powerful driver for retail transformation. The recommerce sector is growing 11 times faster than the traditional sector, requiring new systems to improve the customer experience. To this end, The company has developed an effective system for transitioning to a new phase of business operations without seriously increasing costs or reducing productivity.