Circular smartphones

Making mobile phones more affordable via refurbishment.

Investment overview

Impact category

Green economy

Investment type

Loan

Yearly interest

5.5

Term

months

Risk level

B-

What will you be financing?

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.

The funds raised through this campaign will be used to grow the company’s offering in Europe. This circular economy business currently has a revenue run rate above 4 million euros.

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 smartphone 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.

What is the impact?

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.

Impact indicators
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CO2 avoided per year

clean energy

created by our projects

of sustainable

impacted

Contribution to the Sustainable Development Goals
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About the Promoter

About

Binomia Ltd

Founded in 2013 in the United Kingdom, Binomia Ltd is the parent company of the group with the same name and it owns a phone e-commerce website called Gettech.com via a subsidiary in Ireland. The group has 18 full-time staff and a revenue run rate of more than 4 million euros. The business has the backing of several venture capital funds including Downing Ventures and Force Over Mass Capital along with a number of business angels and the company has raised over 5 million euros of equity investment.

The company’s addressable market is quite large. In addition, GetTech has a relevant margin on each phone, while allowing customers to save up to 60% per device when compared with buying a new device.

The company’s team has backgrounds in the telecoms and in the mobile phone sector. Gettech’s manager has previously worked in the phone refurbishment sector for 8 years; the group’s CTO has previously worked at a leading phone retailer in the UK, and the CEO has previously worked in the software sector for 8 years.

Promoter website

https://gettech.com

Business Model
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