Circular Economy Startup, Revibe, secures US$2.3m to accelerate growth
Revibe, a Dubai-based refurbished-electronics startup, has raised US$2.3 million to accelerate its growth within the burgeoning US$6 billion refurbished consumer electronics market in the MENA region that is expected to reach US$20 billion within the next decade. The funding round was led by Resonance and Flat6Labs alongside other funding groups including Techmind, Financiere Saint James and several business angels.
Revibe is currently growing exponentially — 5x in only seven months — across the GCC, specifically in the UAE and KSA. It will use the cash infusion to rapidly expand in its core markets and strengthen its operations and customer care team, based on its founders’ belief that successful scaling will only come from the company’s ability to provide quality in both products and service from the beginning. It will also develop its technology team, and make investments in marketing.
Throughout 2023, founders, Abdessamad Benzakour and Hamza Iraqui are additionally focusing on strengthening Revibe’s supply base while diversifying into other electronics categories such as smart watches. A subsequent funding round is expected to happen in the second half of 2023.
Revibe was founded in 2022 to create trust in the regional second-hand electronics market. The company is a B2C Marketplace for refurbished electronics, with the promise to provide customers like-new devices for 30-70 percent cheaper than new devices. Iraqui, a serial entrepreneur, was formerly a partner with BCG, and Benzakour was previously an Oliver Wyman principal, with 10 years’ experience in the regional telecom industry.
Revibe ensures rigorous quality control to deliver on its market pledge, from the selection of suppliers and the auditing of processes, to the use of a proprietary AI algorithm to monitor quality and only retain those suppliers that meet strict operating standards. It is governed by a thorough 50-point inspection, carried out by experts who look at every aspect of a device, from battery condition and oxidation to camera, Bluetooth, and even jacks and chargers, to ensure only like-new products are offered to consumers.
Iraqui and Benzakour based their value proposition on sustainability, price sensitivity, and increased trust. It is these attributes that attracted Flat6Labs and other investors to the Revibe brand and encouraged their bullish outlook of the company despite prevailing economic headwinds.