Electronics refurbisher Revibe secures $2.3 million in growth funding

Revibe, a Dubai-based refurbished startup that was founded by two ex-consultants, has secured $2.3 million funding.

Revibe was cofounded in 2018 by Hamza Iraqui, a former partner at Boston Consulting Group (BCG), and Abdessamad Benzakour, a former Oliver Wyman principal with around 10 years of experience in telecom.

The company aims to fill the market gap in the UAE for quality refurbished electronics, like cell phones and computers. Revibe’s B2C marketplace provides customers with goods at a 30-70% discount while ensuring quality with comprehensive device evaluations and a 1-year warranty.

The refurbished electronics industry, which could prove instrumental in significantly reducing e-waste, could eventually be worth an incredible $20 billion within the next 10 years.

“We recognized that there is a surplus of eco-friendly electronics, both locally and through imports,” said Benzakour in comments made to news website Edge Middle East. “However, despite the growing demand for affordable green tech products, there was no reputable and reliable entity capable of providing quality-controlled devices on a large scale.”

The investors leading this round of funding are Paris-based Resonance, a venture capital fund with assets of nearly $170 million, and Flat6Labs, an established early-stage venture capital firm operating throughout the MENA region.

Benzakour spent over seven years with Oliver Wyman in various positions. Iraqui was latterly a partner at Boston Consulting Group, having previously also served arch-rival McKinsey & Company.

E-waste, a problem which has been rapidly growing and affecting communities where such waste accumulates, stems from the rapid growth of electronic consumption. The result is a mounting global burden of toxic and non-recyclable electronic waste. Improper disposal and recycling practices pose significant environmental and health risks.

“Refurbished electronics present a tremendous opportunity, especially during these times of economic difficulties and growing environmental consciousness, where consumers are increasingly mindful of their carbon footprint while facing reduced purchasing power,” said Maxime Le Dantec, Partner and Co-Founder of Resonance.