The global circular economy, consisting of the sale of second-hand and refurbished goods, was estimated at about $339 billion by 2022 and will more than double by 2026. Much of this is driven by consumer behavior to reduce waste and have a more sustainable consumption of goods.

based in Singapore Reebeloa marketplace for affordable and sustainable consumer electronics, has been passionate about keeping electronics out of landfills since its founding in 2019 by Philip Franta and Fabien Rastouil.

“In the beginning it was very focused on phones,” Franta told australiabusinessblog.com. “Now we also moved into gaming and then into ‘nearby’ categories, while some markets went a little bit outside of consumer electronics to become a good place for sustainable consumption.”

The marketplace features pre-owned devices, such as laptops, tablets, smartwatches, phones and games, for sale at discounts of up to 70%. The company offers a one-year warranty, certified sellers, and 30-day free returns. In addition to Singapore, Reebelo serves Australia, New Zealand, Malaysia, Hong Kong and South Korea.

australiabusinessblog.com has followed the company’s journey from raising from a seed round in 2020 to a $20 million Series A round in 2022. Now the company is back with another $29 million in Series A renewal dollars and a new US headquarters in San Mateo, California are first in the United States. This brings Reebelo’s total Series A round to $50 million.

Reebelo’s approach to the circular economy is catching on. It has more than 200,000 customers and has experienced a 12x growth in gross trade value over the past two years. In addition, global sales have tripled in the past year, with the US growing to 25% of total sales, Franta said.

That US presence, about less than a year ago, is already the company’s second-largest market, with more than 21,000 customers, and is expected to jump to the top spot in less than six months, Franta added. .

For the past year, the company has been working on embedded financial services, including a buyback program that allows users to sell unwanted devices for cash and device upgrade options. Its warranty program, ReebeloCare, which offers two years of additional protection, screen and battery replacement, has thrilled users with a 330% year-over-year growth over the past year.

Meanwhile, the new funding round was led by Cathay Innovation with participation from Moore Strategic Ventures, Gandel Invest and Antler. It will enable Reebelo to expand its US presence to 50 team members and a second office, while also investing in existing markets, such as Singapore, and expanding into Canada later this year. The company will also test some new categories as it grows in the electronics space.

“We still have a lot to grow in refurbished electronics,” Franta said. “It’s also about becoming the most trusted place for refurbished technology. In addition, we test some related categories. Gaming is super interesting and mobility quite interesting, so we want to look at that in the coming years.”