NEW YORK Oct. 29, 2021 - This week Back Market was recognized for the role its renewed tech marketplace plays in helping establish a circular economy as part of Fortune Magazine’s Impact 20. The Impact 20 is a new Fortune list that highlights the top 20 venture- and private-equity-backed startups tackling key social and environmental issues as part of their business models.
“Back Market is challenging people to rethink the way they consume technology. Our platform prolongs the useful life of devices and appliances enabling us to offer more affordable options to more people and providing a compelling alternative to buying new,” said Thibaud Hug de Larauze, CEO of Back Market. “The longer we can keep electronics in circulation the better we can be at reducing the global e-waste problem and moving closer to a circular economy.”
Back Market is an online marketplace exclusively focused on selling professionally refurbished electronic devices and appliances at the highest quality and lowest risk to ensure the process of buying renewed is just as good - if not better - than buying new. Every seller on the platform has to meet a stringent Back Label certification program to assure their products conform to Back Market's high standards. In addition, Back Market customers get a 30-day money-back guarantee, a 12-month warranty, free shipping, and a variety of payment methods.
Current recycling efforts in the electronics industry barely scratch the surface of what is needed to reduce the environmental footprint of electronics. According to a World Economic Forum report, e-waste is now the fastest-growing waste stream in the world. The report points out efforts to sustainably reclaim used devices simply can’t keep pace with the massive consumption rates for new devices - what’s needed is a shift to a circular economy to replace the linear. Back Market is addressing this issue directly by rebranding “refurbished” as something desirable and providing a true alternative to buying new.
The Impact 20 is a complement to Fortune’s Change the World list, which has been around for seven years and spotlights mostly large, public companies that blend profit and purpose to tackle the world’s thorniest problems. This new list builds on the idea that even smaller companies, earlier in their life cycle can have an oversized impact with the right focus and execution. What is common across both lists is that all the companies share a commitment to doing good while doing well.
To be selected for the Fortune Impact 20 list, companies are required to have at least some revenue from business operations and are evaluated on potential impact, business viability, innovation and leadership as well as track record. Companies were allowed to self-nominate, and Fortune's editors and writers also put candidates forward. Ultimately a team of Fortune editors and writers reviewed all submissions, with input from experts in the field, and determined the final list.
About Back Market:
Launched in 2014 by Thibaud Hug de Larauze, Quentin Le Brouster, and Vianney Vaute, Back Market is the world’s leading dedicated renewed tech marketplace. The company brings high-quality professionally refurbished electronic devices and appliances to customers in 16 countries. It employs a team of 550 employees and counting across its four offices located in New York, Berlin, Paris and Bordeaux.