Description

Founded in 2015, Trueblue ecommerce ltd is a fast-growing and profitable business based in Ireland that operates 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, that has generated significant profits over the last three years with a profit before tax from 2019 to the end of 2021 of around 337.359€ (in aggregate).

This is Trueblue eCommerce Ltd second campaign GoParity to further expand and grow its operations in Europe, after raising 100.000€ in Refurbished Smartphones I. Another two campaigns were previously promoted by its parent company and shareholder Binomia Ltd (Circular Smartphones and Circular Smartphones II). Binomia ltd has previously raised over £5 million of equity funding from several venture capital funds including Downing Ventures, along with a number of family offices and angel investors.

Trueblue's goal is to now raise an additional 150.000€.

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.

The funds raised will be used to: 

• expand marketing in Europe, 
• improve the company's website, 
• improve website localization by including translations into several languages 
• increase working capital further to scale up purchases of used devices from its customers and other channels.
  

Operating primarily in Ireland, the company sells its higher-end devices mostly in Ireland and Europe but has also been selling lower-cost devices into West Africa. In some African countries, access to an internet-enabled phone is restricted due to the cost of purchase, so Gettech’s solution for Africa has the potential to help reduce a digital gap, by allowing access to a smartphone for the first time. Gettech has also launched a buyback service in 2022 at sell.gettech.com to buyback devices from its customers.

The Impact

Impacto directo

• Promoción de la economía circular: la reacondición de los teléfonos móviles evitará el desperdicio de 30,000 equipos en los próximos 24 meses, reciclando los dispositivos y permitiendo extender su vida útil.
• Creación de empleo: Trueblue contratará dos nuevas personas para trabajar en el proceso de reacondicionamiento de los dispositivos electrónicos.

Impacto indirecto

• Facilitar un mayor acceso a smartphones de calidad: la oferta de la empresa de teléfonos móviles reacondicionados, especialmente cuando se combina con la opción de pagos a plazos, hace que los dispositivos sean más accesibles para el usuario final (el coste total de los dispositivos es hasta un 60% más bajo).
• Mejora de la igualdad de acceso: el precio de adquisición más bajo contribuye a la igualdad de acceso a dispositivos con internet para los grupos menos privilegiados, para los cuales el costo medio de un smartphone excede su ingreso disponible. Particularmente en las ventas del grupo en África, el objetivo son consumidores con ingresos medios y bajos, poblaciones rurales y mujeres.

Impact Indicators

1

jobs created

Contribution to the Sustainable
Development Goals

Sustainable Development Goals

Financial viability

Download Key Investment Information Sheet

The Promoter

About Trueblue eCommerce Ltd

Founded in 2015 in Ireland, Trueblue eCommerce ltd owns a phone e-commerce website called Gettech.com via a subsidiary in Ireland. The group generated over 3.6 million euros of revenue in 2021 up from 3.2 million euros in revenue in 2020 and 1.9 million euros in revenue in 2019.

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, and a number of the team have previous experience at other electronics refurbishment businesses in Ireland.

Business Model

Updates