Refurbished Smartphones III

European expansion of second hand smartphone website.

Investment overview

Impact category

Green economy

Investment type

Loan

Yearly interest

6.5

Term

months

Risk level

B-

What will you be financing?

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 third Goparity campaign to further expand and grow its operations in Europe, after raising 250.000€ in Refurbished Smartphones I and II. This is the third campaign run by Trueblue eCommerce Ltd. Another two campaigns were previously promoted by its parent company and shareholder Binomia Ltd (Circular Smartphones and Circular Smartphones II).

Trueblue now wants to raise 50,000€ to expand and grow its European operations even further.

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.

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.

What is the impact?

Direct impact

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.
Jobs creation: with the funding amount from this campaign, Trueblue will hire one new person help scale up their refurbishment solution.

Indirect impact

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

Trueblue eCommerce Ltd

Direct impact

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.
Jobs creation: with the funding amount from this campaign, Trueblue will hire one new person help scale up their refurbishment solution.

Indirect impact

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.

Promoter website

Business Model
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