Swappie, an online store for used smartphones, has announced a new round of funding which will enable it to expand its operations into Ireland and other European markets.
The Finland-based company said today it had raised €35.8 in a Series B funding round.
The company said the funding will be used to accelerate its growth plans and to support its expansion plans in Ireland, Germany, Portugal and the Netherlands this summer. It already operates in Finland, Sweden, Denmark and Italy.
Swappie said that Irish consumers now have access to high quality refurbished devices that come with a 12 month warranty, for up to 40% less than the price of a new device.
By the middle of August, Irish consumers will also be able to sell their devices to Swappie.
Swappie was co-founded in 2016 by Sami Marttinen and Jiri Heinonen and aims to provide customers with a way to upgrade their phones that is high quality, more affordable and environmentally friendly.
Sami Marttinen, CEO and co-founder of Swappie, said that as Irish consumers become more aware of the environmental impact that their purchasing decisions have, he expects to see far greater demand for high quality refurbished smartphones.
"Because we refurbish every device ourselves, in our own factory, we control the whole value chain. This means we can deliver the highest quality devices, under warranty, for much less than the cost of a new phone," the CEO said.
"We've already seen fantastic demand for Swappie and we are thrilled to be announcing today's investment, which will allow us to accelerate our international expansion and make the circular smartphone economy truly mainstream in Ireland and across Europe," he added.
The smartphone industry has a significant impact on the environment, with the majority of carbon emissions coming during the manufacturing process.
About 85-90% of a smartphone’s environmental impact comes during the manufacturing process and, according to Apple's own data, more than 56kg of CO2 is emitted in the creation of a single iPhone 11.
There are now more phones than people in the world today.