Reuse Secures 45m Investment Round With European Fund And Cornershop Founders
- Reuse’s funding round includes contributions from European and Latin American investors.
- The company’s revenues reached $15 million last year in Chile, Peru, and Mexico.
- Strategic expansion plans include enhancing user experience and operational scalability.
Reuse, a startup focused on the resale of refurbished electronics, successfully closed a $4.5 million funding round with significant contributions from a European fund and the founders of Cornershop. Founded in 2018 by José Tomás Ulloa and Max Sateler, Reuse began as a university project and has grown into a business employing 60 people. It has attracted investors from Mexico, Europe, and the founders of Chile’s most successful startup, Cornershop.
The fundraising initiative, which began early in 2023, aimed to become the leading reseller of electronic devices in the region. The investment round was led by Seaya Cathay Latam, a joint venture between Spanish giant Seaya and global fund Cathay Innovation. Additional participants included Dalus, Ignia, Silence VC, Compusoluciones Ventures, and Angel Hub.
The round was enriched by strategic advice from Cornershop founder Oskar Hjertonsson, emphasizing the importance of obsessing over user experience. This guidance reflects Reuse’s commitment to refining their operational processes, including a proprietary technology developed to automatically assess the condition of devices. This technology is now used in collaboration with major retailers like Falabella, Cencosud, and Samsung, enhancing scalability and efficiency.
In addition to their existing operations, Reuse has expanded their business model to include trade-in programs, notably with the giant Grupo Coppel in Mexico, which operates 1,700 stores. This shift contributes significantly to their revenue, projected to reach 80% from these new business models this year. Moreover, Reuse plans to double last year’s $15 million revenue by investing a substantial portion of the funding round into hiring and expanding their team, including the recent addition of Alejandro Fogarolli, former marketing head at the unicorn Mexican startup Kavak.
