Oltre III Invests in Refurbed, the Marketplace for Refurbished Devices

Oltre Impact sgr – manager Euveca, the main impact investing operator in Italy, focuses on the refurbished device market and, with its third fund, Oltre III, invests in the specialized Refurbed marketplace.

The asset management company in fact participated in the $57 million round of the Austrian scaleup, which ended in November 2023, converting part of the shareholder financing that had been paid in December 2022. Oltre Venture, when asked, did not want to release details on the amount of the investment.

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Oltre III has joined forces with international venture capital giants in the company’s capital

In particular, last November’s round was led by Evli Growth Partners, C4 Ventures and Speedinvest, with a significant participation also from All Iron Venture and other new financiers, thus bringing the total capital raised by investors to $130 million , after a first round of $2 million in 2018, a second of $17 million in 2020 and one of $54 million in 2021.

Refurbed, founded by Peter Windischhofer, Kilian Kaminsk and Jürgen Riedl, has reached one billion sales volumes (Gross Merchandise Value (GMV) since its foundation until June 2023), and is one of the main platforms specializing in the sale of sustainable products and services which aims to provide consumers with low-impact technology.

The funds will be used to expand the product offering, allowing an ever-increasing number of consumers to actively participate in circular economy actions. Operational in the Italian market since the end of 2019, is a leader in its markets and driving expansion across Europe, with operations in Italy, Sweden, Denmark, Ireland, the Netherlands, Germany and Austria. The Austrian-born company has experienced exponential growth, achieving profitability in DACH market in 2022, earlier than expected.

“Consumers replace their smartphones approximately every year and a half, even though they have a useful life of over 3 years. The production of new devices has a heavy impact on soil and water, due to the extraction of raw materials. An effective solution is to extend the useful life of devices through refurbishing, but it is essential to ensure quality and trust in this process. This is why we have chosen to invest in Refurbed, a reference marketplace in Europe for the sale of refurbished smartphones. Refurbed not only ensures quality and safety, but aims to become a leader in conscious and sustainable consumption, a rapidly expanding sector with significant potential,” said Raffaele Fedele , partner of Oltre Impact sgr, commenting on the investment.”

In February 2023 the third fund of the asset management company, Oltre III, reached 77 million in collections, at the fourth closing in 16 months, after having already reached 72 million in October 2022. The additional 5 million came from Inarcassa, the national pension and assistance fund for freelance engineers and architects, an investor that joined the larger pool of public and private entities such as Intesa Sanpaolo and Investcorp Tages Impact. The collection continued throughout 2023 with a target of 100 million euros.

Oltre III, launched in 2021, announced the first closing in November of the same year with more than 53 million euros in commitments. At the same time as the first closing, Oltre Impact also announced the entry into the partnership, as junior partners, of Nicola Lambert and Raffaele Fedele, who thus joined the founding partners Luciano Balbo and Lorenzo Allevi.

Oltre III continues the mission of the previous vehicles, when the team had not yet established the asset management company, but worked under the name of Oltre Venture and invested through Sicaf. The objective of Oltre Impact is in fact to invest in companies with great growth potential, committed to pursuing sustainable development objectives.

Oltre Sicaf II, established in 2016, had raised 43 million euros. In particular, even in that case the EIF (10 million euros) and Fondo Italiano d’Investimento sgr participated in the first closing of the collection, supported by numerous institutional investors, including Azimut Enterprise Holding, Bnl, Fondazione Cassa di Risparmio di Padova and Rovigo, Staff Pension Fund of the Bnl Pnp Paribas Italia Group and Fondazione Sviluppo e Crescita Crt.

As for the first investment vehicle, Oltre I, it was established in 2006 and had raised around 7.5 million euros from 21 investors, mainly high net worth individuals and some foundations.

The asset management company, which has 123 million in assets under management , has to date invested over 51 million euros in 40 impact companies with the Oltre I and Oltre II vehicles, while the Oltre III fund has already invested in 8 scale up companies to date for a total of 20 million euros.

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(Featured image by Annie Spratt via Unsplash)

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