Circular smartphones II

Making mobile phones more affordable via refurbishment.

Resumen de la inversión

Categoría de impacto

Economía verde

Tipo de inversión

Préstamo

Interés anual

5.5

Plazo

meses

Nivel de riesgo

B-

Founded in 2013, Binomia ltd is based in the UK, and it owns a phone e-commerce website Gettech.com. The company refurbishes second-hand phones and sells them online to consumers via Gettech.com, a brand owned fully by the company.

This is the second campaign held by Binomia Ltd at GoParity. After raising 100.000€ in the first campaign, the entity will aim at raising 100.000€ more to further expand and grow its operations in Europe. Roughly 70% of the funds raised through this campaign will be used to prepare for the busy season coming up during the last quarter of the year (Black Friday and Christmas), i.e. to buy more stock. Around 20% of the funds will be used to expand their website to more European countries and the remaining 10% to invest on a marketing and analytics SaaS (i.e. Service as a Software) platform to improve the company's analytics and customer marketing.

The group’s revenue run rate has increased to over 4 million euros which will help to repay the loan. Binomia also has multi-year international development contracts to roll out low-cost smartphones’ solutions in Africa, the largest of these contracts is worth up to 3 million USD.

The promoter is making smartphones more affordable in an environmentally sustainable way by refurbishing used devices. Customers can save up to 60% if they buy a refurbished device, in comparison with a new device.

Operating primarily in the UK and Ireland, Binomia is fast-growing, having a smaller presence in Africa, with international development contracts to roll out low-cost smartphones’ solutions in the continent, including a contract worth up to 3 million USD. In some African countries, access to an internet-enabled phone is restricted due to the cost of purchase. This solution has the potential to help reduce the digital gap, by allowing access to a smartphone for the first time.

¿Cuál es el impacto?

Direct

Promotion of circular economy: the refurbishing of mobile phones will avoid the waste of 30.000 devices in the next 24 months, recycling them and enabling them to further utilization.

Indirect

Enabling greater access to good quality smartphones: the company’s offering of refurbished phones, particularly when combined with an instalment offering, makes smartphone devices more affordable for the end-user (the overall cost of the devices is up to 60% lower).
Improving equal access: the lower acquisition price of internet-enabled devices, improves equality in the access to devices to the more underserved groups, to whom the average cost of a smartphone exceeds their disposable income. Particularly in the group’s sales in Africa, the target is middle- and low-income consumers, rural populations, and women.

Contribución a los Objetivos de Desarrollo Sostenible
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Sobre el promotor

About

Binomia Ltd

Fundada en 2013 en el Reino Unido, Binomia Ltd. es la empresa matriz del grupo del mismo nombre y posee un sitio web de comercio electrónico de telefonía llamado Gettech.com a través de una filial en Irlanda. El grupo cuenta con 13 empleados a tiempo completo y una cifra de negocio de más de 3 millones de euros. La empresa cuenta con el respaldo de varios fondos de capital riesgo, como Downing Ventures y Force Over Mass Capital, así como de varios inversores informales, y ha recaudado más de 5 millones de euros de inversión en capital.

El mercado al que se dirige la empresa es bastante amplio. Además, GetTech tiene un margen relevante en cada teléfono, al tiempo que permite a los clientes ahorrar hasta un 60% por dispositivo en comparación con la compra de uno nuevo.

El equipo de la empresa tiene experiencia en el sector de las telecomunicaciones y la telefonía móvil. El director de Gettech ha trabajado previamente en el sector del re-acondicionamiento de teléfonos durante 8 años; el director de tecnología del grupo ha trabajado previamente en un importante minorista de teléfonos en el Reino Unido, y el director general ha trabajado previamente en el sector del software durante 8 años.

Sitio web del promotor

https://gettech.com

Modelo de negocio
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