Dubai – Sharikat Mubasher: UAE-founded Revibe, the leader in guarantee-backed refurbished tech, announced successfully closing its Series A of $7 million in a round co-led by ISAI and Resonance with the participation of prominent investors such as Kima Ventures and Edouard Mendy.
The fresh capital positions Revibe as the leader in the MENA region’s $6 billion refurbished consumer electronics segment, according to the company’s press release.
Commenting on this, Abdessamad Benzakour, Revibe co-founder said: “Buoyed by clear and commendable government visions and initiatives, an increasingly sustainability-orientated society, and cost-conscious consumerism, the market for pre-loved tech is set to accelerate to $20 billion within a decade. While our ability to deliver like-new devices at 30% to 70% below their retail price points is undoubtedly appealing, it is our unmatched quality assurance that sets us apart, earning us a loyal and ever-expanding customer base.”
After raising $2.3 million in seed funding last year, Revibe—which at launch focused on smartphones and laptops—considerably expanded its category of offerings, adding gaming, accessories, and smartwatches. To elevate customer convenience and deliver a slicker and more streamlined purchasing experience, the company also invested in delivering dedicated iOS and Android apps.
After the latest fundraiser, Revibe will now work to accelerate and consolidate its expansion in emerging markets while investing in expanding its customer care and quality assurance teams.
Hamza Iraqui, Revibe’s other co-founder, highlighted: “Our revenue growth proves that we have a sound business model that addresses a clear market need in emerging markets. We are especially proud to stand as proof that a sustainability-focused enterprise can be a win-win endeavor, turning over positive unit economics while delivering compelling value to customers. These will continue to be the pillars of our strategy as we expand steadily across other geographies.”
Maxime Le Dantec, Partner at Resonance, added: “Revibe is one of the fastest-growing startups we’ve had the privilege to support through Resonance, and today we’re proud to double down on our investment. As the leading electronic refurbishment marketplace in the MENA region, Revibe is poised to expand its reach globally, with a bold ambition to become the #1 player in developing markets. They are tackling an impressive US$30 billion market opportunity with remarkable execution."
