Singapore electronics marketplace Reebelo extends Series A to $50m
Singapore electronics marketplace Reebelo has lifted its Series A round to USD 50m with a USD 29m commitment led by Cathay Innovation.
US-based Moore Strategic Ventures, Australia’s Gandel Invest, and Singapore-based Antler also participated. It coincides with Reebelo’s official launch in the US.
This is Antler’s fifth investment in the company since January 2020, according to AVCJ Research. The VC firm joined a USD 20m round alongside Moore and Gandel in February last year. That round coincided with a commitment to invest USD 100m in more than 300 Southeast Asian start-ups by 2025.
Reebelo is a platform for buying refurbished consumer electronics at up to 70% discounts to new products. Since its launch in 2019, it has seen its gross merchandise value grow 12x and served around 200,000 customers. Global sales tripled in the past year, with the US growing to represent 25% of total sales.
“Despite the tumultuous market, Reebelo has proven recession-proof, with the company experiencing strong growth while maintaining top tier unit economics,” the company said in a statement, adding that the global “recommerce” market was set to be worth USD 339bn by 2025.
“While other sectors have faltered, the circular economy continues to show major momentum, with several Fortune 100 behemoths also making the foray into refurbished tech as they seek to gain the loyalty of younger generations committed to sustainable practices.”
Coinciding with its US market launch, Reebelo will open global headquarters in Silicon Valley and grow its headcount in the country to 50. Singapore will remain the Asia headquarters and is also expected to see a team buildout.
There are existing offices in Australia, New Zealand, Malaysia, Hong Kong, and Korea. A Canadian expansion is planned for later this year.
"The decision to centre its operations in the US further positions Reebelo to make inroads as a major global recommerce player,” Rajive Keshup, a partner at Cathay Innovation, added. “Its reach as a pivotal platform for the circular economy is expanding beyond Australia and Southeast Asia to encompass one of the most market-critical regions in the world.”
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