Flip.ro is an online marketplace that sells refurbished phones. GapMinder has invested EUR150,000 in Flip.ro in two funding rounds: the first one via Techcelerator, an acceleration program intended for technology startups in Romania and Southeast Europe.
Flip.ro is the first online marketplace in Romania that helps clients to sell their old phones simply and quicky and to buy used phones that were previously checked, with warranty and the right of return. The startup was launched in December 2019 by three young entrepreneurs, George Moroianu, aged 24, Alin Luca, aged 27, and Alex Burghelia, aged 23.
eMAG Ventures, the investment fund created by eMAG – leader on the Romanian online retail market, with a strong foothold in the region too, on Wednesday announced its first investment, of EUR1.5 million, in Flip.ro, in business acceleration. The value of transaction is confidential. This is the third investment round attracted by Flip.ro, besides the two rounds worth a total EUR370,000 operated in 2019 and 2020.
In 2019, Flip.ro was selected in the Techcelerator program and obtained financing worth EUR120,000, with GapMinder VC being one of the first investors. In the summer of 2020, Flip.ro attracted EUR250,000 and the round was led by GapMinder VC.
Flip.ro founders expect a turnover of EUR14 million in 2021, compared to EUR2.5 million in 2020, and aims to grow staff numbers to over 100 employees until mid-2022, double against the current level.
Techcelerator is an accelerator targeting technology startups in Romania and South-Eastern Europe. With offices in the cities of Bucharest and Cluj-Napoca, Techcelerator is the first accelerator in Romania that allocates funds for the development of hightech companies in the phase of acceleration and post-acceleration.