The French company Back Market, founded in 2014 and specializing in the overhaul of electrical and electronic equipment, has just closed a financing round of 276 million euros. This fundraiser enables Bakc Market to join the very closed circle of French unicorns alongside BlaBlaCar, Deezer, Voodoo, Alan or even Doctolib, which we have heard a lot about for a few weeks.
A message that would have inspired any company in normal times. It is not time to party at the Back Market, however, and it is Thibaud Hug de Larauze, CEO of the company, who says so. The latter no longer supports the contradicting discourse of the French government, which wants to present itself as a leader in Europe on the edge of ecological change, but at the same time is considering taxing the circular economy.
Back Market sets sail in front of the government department
This debate has divided the government since the beginning of the year. On the one hand, there are some ministers, including Roselyne Bachelot, the current minister of culture, who support this idea of taxing obsolete products. On the other hand, Barbara Pompili, Minister for Ecological and Inclusive Change, and Cédric O, State Secretary for Digital, represent the camp of those who do not agree with this tax at all.
In view of this situation, Back Market is relying more and more on international operations. Today the company’s services are available in 13 countries around the world and on 3 continents. Back Market plans to conquer six new markets by the end of the year, including South Korea. To do this, the back market technique is pretty logical. The company first assesses the penetration rates of e-commerce in the country, as well as the number of players represented in the market. When all the lights are green, Back Market puts down its suitcases, followed by its main conditioners, before a local ecosystem is formed.