This investment aims to accelerate international development plans and comes after Flip.ro has already taken the first step abroad and entered Bulgaria.
Overall, eMAG Ventures has invested 8 million euros in Flip.ro, which aims to be the leader in Central and Eastern Europe in the reconditioned products market, in the context of the advantages of the circular economy, through which customers can save money and contribute environmental protection will quickly change the way millions of people buy and use technology products and more.
“Our vision is to give customers the same experience as when they bought a new product: you get a smartphone that looks and works like a new one, delivered quickly and with the same level of customer, but at a significant price difference. With the help of eMAG’s technological and operational know-how, we were able to take the first step towards internationalization sooner than we had planned and quickly scale the business. Also, during this time, we have managed to double our team and bring with Flip extraordinary people who make this success story possible. The new investment creates the premises for an accelerated development,” said the founders George Moroianu, Alin Luca and Alex Burghelia.
The platform attracted the first acceleration investment of EUR1.5 million from eMAG Ventures in October 2021, and so far, it has evolved rapidly, reaching over 100,000 customers in Romania and sales of EUR13.4 million in 2021. The initial investment supported the platform in its efforts to expand internationally. Thus, it recently entered the Bulgarian market, where it aims to reach 20,000 customers in its first year.
The Flip marketplace offers users the opportunity to purchase refurbished smartphones, with a 12-month warranty and right of return, at affordable prices, but also to sell their old phones online, in a fast and easy way.