Funding round
Back Market Growth
Reported as "Growth Equity"
Back Market, which works in refurbished technology retail in New York, raised $120M in a Growth round announced on 4 May 2020, led by Goldman Sachs. 4 firms took part, 1 of them already investors. It is Back Market's first venture round on record.
$120M
Amount raised
Not disclosed
Post-money valuation
4
Investors
1 lead
Valuation
What this round says about the price
Back Market did not disclose a valuation in this round. It is Back Market's first venture round on record, 6 years after it was founded in 2014. It is 12% of the $965M Back Market has raised in the venture rounds on record. Back Market raised again 12 months later: a Series D round of $335M in May 2021, at $3.20B post-money.
Investors
Who put money in
Goldman Sachs led the round with 3 other firms. daphni had backed Back Market before.
Lead investor
- Goldman Sachs backs 218 venture-backed companies new investor
Also in the round
- Eurazeo backs 103 venture-backed companies new investor
- backs 63 venture-backed companies new investor
- backs 57 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: Growth rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Pipedrive Tech Companies | 18 May 2020 | $1.50B | not disclosed | Vista Equity Partners |
| Apeel Sciences Food Production | 26 May 2020 | $250M | $1.00B | GIC |
| Tech Companies | 12 May 2020 | $144M | not disclosed | Spectrum Equity |
| Learning, Tutoring & Courses | 1 May 2020 | $125M | not disclosed | AT&T |
| Payment Processing & Point of Sale | 28 May 2020 | $125M | not disclosed | Goldfinch Partners |
| Learning, Tutoring & Courses | 9 May 2020 | $123M | not disclosed | not named |
| Homeward Mortgage Brokers | 14 May 2020 | $105M | not disclosed | Adams Street Partners |
| ManyPets Insurance - Agents, Carriers & Brokers | 5 May 2020 | $98M | not disclosed | FTV Management Company |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Back Market raise in its Growth round?
Back Market raised $120M in its Growth round, announced in May 2020.
Who led Back Market's Growth round?
Goldman Sachs led it, with Eurazeo, Aglaé Ventures and daphni.
What was Back Market's valuation at the Growth round?
It was not disclosed.
Did Back Market raise again after this round?
Yes: a Series D round in May 2021 of $335M at $3.20B post-money.