Verdane, the European specialist growth equity investor, has announced an investment in Swappie, a leading end-to-end online platform for buying and selling refurbished smartphones. Building on macro trends such as the rise of sustainable consumption, Swappie’s revenue growth has reached triple-digit annual figures since founding, and the Company is expected to continue to grow as the European re-commerce space expands. Verdane will support Swappie’s expansion in Europe and its e-commerce and re-commerce capabilities, drawing on its experience in the sustainable digital consumer space.
Founded in 2016, Swappie is a re-commerce and refurbishment company focused on the iPhone product market. With in-house refurbishment facilities in Finland and Estonia, the Company is already present throughout Europe, and is a leader in the iPhone re-commerce market in the majority of the 15 markets in which it operates. Since it was founded six years ago, Swappie has grown significantly, with over one million refurbished smartphones sold to date. Since 2020, Swappie has launched in 12 markets across Europe, and this strong growth is expected to continue as consumers become more familiar with the high-quality, affordable, and environmentally friendly options offered by the Company.
Verdane will support Swappie’s international expansion, drawing on its proven experience in supporting technology-enabled, sustainable companies. Verdane will also help Swappie refine its re-commerce offering, including supporting the development of its aftercare unit and other user-centred solutions.
Daniel Ahlstrand, Partner at Verdane commented: “The environmental impact of e-waste has been growing considerably in recent years, with carbon emissions linked to smartphones exploding. People and companies really want to make more sustainable choices, with an increasing number of consumers willing to buy refurbished mobile phones. This trend has supported the growth of the iPhone refurbishment and re-commerce space, and with it Swappie, which has demonstrated the potential to strengthen its market leadership position in refurbished smartphones. Verdane is excited to be working alongside Swappie, as we deploy our expertise in building sustainable digital consumer businesses to support a vision of a more resource-efficient future for the European consumer.”
Sami Marttinen, CEO and Co-Founder at Swappie, commented: “We are pleased to be partnering with Verdane, an investor with a thorough understanding of the intersection between e-commerce and sustainability, and the opportunity that the growth of re-commerce presents. With Verdane on board, we will be able to continue to scale our business and solidify our operations throughout Europe with the aim to offer more environmentally-friendly options to a growing number of conscious consumers.”
Verdane has a strong record investing in re-commerce businesses, including momox, AGAN and Spares.
The investment in Swappie was made by Verdane Edda II. Financial terms for the transaction are not being disclosed.
About Swappie
Swappie is the leading end-to-end online destination for buying and selling refurbished smartphones. Its mission is to give people a way to upgrade their phones that is high quality, affordable and environmentally friendly. Swappie currently operates in 15 countries across Europe; including Sweden, Italy and Germany. The company grew strongly in 2020 with sales of $110M (€97M), and since its inception in August 2016, Swappie has become one of the most innovative and fast-growing companies in Europe, expanding its team to over 1,200 and raising $171M (€149M) from investors to date. For more information visit: www.swappie.com
About Verdane
Verdane is a specialist growth investment firm that partners with tech-enabled and sustainable European businesses. Verdane can invest as a minority or majority investor, either in single companies or through portfolios of companies, and looks to deploy inside two core growth themes; digitalisation and decarbonisation.
Verdane funds hold over €6 billion in total commitments and have made over 400 investments in fast-growing businesses since 2003. Verdane’s team of over 140 investment professionals and operating experts, based out of Berlin, Munich, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner to tech-enabled and sustainable businesses in Europe.
Verdane is also a certified B Corporation, the most ambitious sustainability accreditation globally. The firm only backs businesses that pass its 2040 test, which indicates whether the company can thrive in a more sustainable future economy.
Verdane is partly owned by the Verdane Foundation, which is focused on two areas: climate change and more equitable and inclusive local communities.
More info: www.verdane.com
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