Reboxed, a sustainable tech start-up that aims to address the e-waste crisis, has recently secured £1.6 million in seed funding through ACF Investors. As stated, Reboxed was established in 2020 during the pandemic by co-founders Phil Kemish and Matt Thorne. The start-up focuses on providing retailers and companies out-of-the-box solutions to speed up the transition towards a circular economy. With the funds raised during the seed funding, the company plans to drive growth and expand its retail partner programmes and Reboxed for Business services. By 2030, Reboxed aims to rehome over 100 million electronic devices.
The increasing consumption of technology has alarmed environmentalists with more than 50 million tonnes of e-waste being generated each year, while each device creates an average carbon footprint equivalent to 79kg of CO2. In response, consumers and retailers alike are increasingly opting for recommerce solutions that decrease CO2 emissions. Reports suggest that 22 million people in the UK are considering the purchase of refurbished phones. Reboxed provides an answer to this issue, linking businesses and customers with sustainable options to purchase and sell technology, including pre-owned and refurbished devices such as phones, tablets, smartwatches, and laptops through like-new experiences aimed at quality, consistency, and circular approaches.
Reboxed has witnessed tremendous growth by enabling clients in the telecommunications sector, such as Three Mobile, to offer refurbished technology options to customers of its sim-only brand, SMARTY, without investing in further infrastructure. Former investors of Reboxed include the likes of Martin McCourt, ex-CEO of Dyson, Nick Beighton, ex-CEO of ASOS, and Ali-A, a YouTuber with over 20 million subscribers.
Phil Kemish, co-founder and CEO of Reboxed, believes in providing everyone access to high-quality technology without the inconvenience. Mounting environmental, social, and governance (ESG) pressures have made businesses focus on integrated solutions to help achieve climate goals. Reboxed aims to do exactly that, providing sustainable services that aid businesses in this regard. The investment generated from the seed funding will be used to extend the team and scale the brand, enhancing the technology stack further.
ACF Investors’ managing partner, Tim Mills, stated that the awareness of sustainability has altered the retail landscape, leading to more responsible consumption and a surge in the number of consumers opting for recommerce. Recommerce has grown eleven times faster than traditional retail, increasing the benchmark and providing UK customers with access to premium “like new” products, contributing to sustainability while also benefiting their overall experience.
In conclusion, Reboxed’s innovative solutions and services are not only environmentally beneficial – by addressing the e-waste crisis – but also economically viable. With faster growth than traditional retail, an increasing number of consumers, and an even greater need for sustainability, Reboxed has the potential to fuel the circular economy’s growth.