French refurbished smartphone seller Back Market valued at $5.7 bln

Billboards advertising Back Market, a market place for refurbished tech gadgets are seen in New York City, NY, U.S., October 2, 2020. Back Market/Handout via REUTERS

PARIS, Jan 11 (Reuters) - Back Market, the French marketplace dedicated to refurbished smartphones and electronic devices, said on Tuesday it had closed an investment round of $510 million, bringing its total valuation to $5.7 billion.

"The (...) funding cements Back Market's position as a leading refurbished electronics marketplace, with more than six million customers worldwide," the company said in a statement.

The latest investment round was led by London-based private equity firm Sprints Capital, together with France's Eurazeo and Aglae Ventures, General Atlantic and Generation Investment Management.

Back Market said the additional funding would help it in its bid to make circular technology - or tech products that can be reused and are more sustainable - mainstream and tap into growing demand among consumers for such products.

Reporting by Mathieu Rosemain, Writing by Benoit Van Overstraeten; Editing by Susan Fenton

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