MusicMagpie, a re-commerce business in the UK and US specialising in refurbished consumer technology, has secured GBP20 million in growth financing through a GBP10 million committed revolving credit facility and a GBP10 million accordion facility from Silicon Valley Bank (SVB) UK Branch
musicMagpie’s core strategy is to provide its customers with a smart, trusted and sustainable way to buy, rent and sell refurbished consumer technology products. Selling to musicMagpie allows people to raise cash, reduce their carbon footprint and declutter their lives. Buying from it gives people the opportunity to acquire branded pre-owned items from a trusted seller in an environmentally friendly way, and for a fraction of the price of a new product. musicMagpie now has over 7.2 million customers globally across 210 countries making it an international ecommerce retailer and marketplace.
musicmagpie is proud to be the UK’s number one phone recycler refurbishing 95 per cent of the products it receives from its customers as it supports the reduction of e-waste globally and the mining for precious metals used in new tech.
Source: Private Equity Wire
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