This investment will be aimed at accelerating international development plans and comes after Flip.ro has already taken the first step abroad and entered Bulgaria.
The Flip marketplace offers users the opportunity to purchase refurbished smartphones, with a 12-month warranty and right of return, at affordable prices, but also to sell their old phones online, in a fast and easy way.
In total, eMAG Ventures has invested 8 million euros in Flip.ro, which aims to be the leader in Central and Eastern Europe in the reconditioned products market, in the context of the advantages of the circular economy, through which customers can save money and contribute environmental protection will quickly change the way millions of people buy and use technology products and more.
"Our vision is to give customers the same experience as when they bought a new product: you get a smartphone that looks and works like a new one, delivered quickly and with the same level of customer, but at a significant price difference. With the help of eMAG's technological and operational know-how, we were able to take the first step towards internationalization sooner than we had planned and quickly scale the business. Also during this time, we managed to double our team and bring along with Flip extraordinary people who make this success story possible. The new investment creates the premises for an accelerated development”, said the founders George Moroianu, Alin Luca and Alex Burghelia.
"Flip is in a very good position in the market, because they have developed a product and services that meet the current needs of customers from all over the world. In the current volatile economic context, people will increasingly recognize the benefits of the circular economy from both the position of a seller of a product and that of a customer who makes money. The Flip team demonstrated, in a short time, speed & the ability to grow and a lot of enthusiasm. We are confident that with the new investment and support from eMAG they will quickly reach customers across the region, ”said Bogdan Axinia, Managing Director of eMAG Ventures.
The platform attracted the first acceleration investment of 1.5 million euros from eMAG Ventures in October 2021, and so far it has evolved rapidly, reaching over 100,000 customers in Romania and sales of 13.4 million euros in 2021. The initial investment supported the platform in its efforts to expand internationally. Thus, it has recently entered the Bulgarian market, where it aims to reach 20,000 customers in its first year.