In an interview with Les Echos, the leading French-language financial newspaper, Matthieu Millet, president of Remade discusses what the funding will enable the business to achieve:
“This will enable us to accelerate our recruitment campaign, to buy much larger stocks of mobile phones, to further automate our industrials processes while continuing to expand internationally.”
The new funding could potentially allow Remade to almost double the number of refurbished phones in its two factories in Avranches, Normandy. The company refurbishes around 500,000 smartphones per year, mainly iPhone, inspecting all its components, refurbishing, and distributing with a one-year warranty.
Remade is now targeting 840,000 units in 2018 and is looking to distribute its refurbished phones through the stores of telecoms operators, in addition to the chains of large retailers.
In the US, where Remade has a factory in Miami, there are contracts in place with the operators AT & T and Sprint to receive the recovered second-hand phones from their customers. In France, Remade is in discussions with Orange to agree a similar contract.
Matthieu Millet continues:
“In our business, the need for cash is important to finance the purchase of phones in large quantities. We need to feed our workflow to deliver to our customers, and ensure we have the stock for periods of high demand such as the return to school, Black Friday, and Christmas.”
The boost will also enable Remade to develop its plans for international expansion, including the UK and Scandinavian markets. In Africa, the group’s factory in Morocco will be operational in September, and in Asia the company has signed a distribution agreement in India.
Olav Ostin, Founder & Managing Partner, TempoCap, comments:
“This fundraising will enable Remade to finance further growth and expansion, particularly in the global marketplace where there is great potential for development. We are delighted for Matthieu and his team, and are proud to be a part of Remade’s growth journey.”
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Sibylle PilotazFunding, Growth, Matthieu Millet, Remade