Finland-based iPhone refurbisher Swappie raises $124M Series C to scale in Europe

Swappie, a Finnish company that refurbishes and resells used iPhones on its own marketplace, has raised a $124 million (€108 million) investment. Norwegian equity firm Verdane led the Series C round, TechCrunch reports.

• Founded in 2016 by Emma Heinonen and Sami Marttinen, Swappie is an online store for refurbished smartphones where you can order affordable devices. According to Swappie, it has its own refurbishing factory in Helsinki and offers a 12 month warranty on each sold smartphone.
• In 2020, Swappie closed a $40.6 million (€35.8 million) Series B funding round in order to expand into new European markets.
• The lead investor Verdane is an Oslo-based equity investment firm operating since 2003. Verdane mainly partners with Northern European tech companies to help them reach the next stage of international growth, Crunchbase states.
• Apart from the lead investor, existing investors Lifeline Ventures, Inventure, Reaktor Ventures, and TESI joined the round. With the latest round, Swappie’s total funding is over $171 million (€149 million).
• Operating in Germany, Austria, Ireland, France, Italy, and Poland, Swappie plans to spend the funds on new European markets expansion.