Funding round
Back Market Series E
Back Market, which works in refurbished technology retail in New York, raised $510M in a Series E round announced on 12 Jan 2022, led by Sprints, at a $5.70B post-money valuation. 5 firms took part, 4 of them already investors. It is Back Market's third venture round on record; the one before was a Series D in May 2021.
$510M
Amount raised
$5.70B
Post-money valuation
5
Investors
1 lead
1.8x
Step-up from the Series D
$3.20B in May 2021
8.9%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Back Market at $5.70B after the new money, 1.8 times the $3.20B of its Series D (May 2021). The $510M bought investors about 8.9% of the company. It came 8 months after Back Market's Series D. It is 53% of the $965M Back Market has raised in the venture rounds on record. No later venture round is on record for Back Market.
Investors
Who put money in
Sprints led the round with 4 other firms. Eurazeo, Aglaé Ventures, General Atlantic and Generation Investment Management had backed Back Market before.
Lead investor
- backs 13 venture-backed companies new investor
Also in the round
- Eurazeo backs 103 venture-backed companies existing investor
- backs 63 venture-backed companies existing investor
- General Atlantic backs 134 venture-backed companies existing investor
- Generation Investment Management 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: Series E rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Fireblocks Software Development Services | 27 Jan 2022 | $550M | $8.00B | D1 Capital Partners and Spark Capital |
| Plenty Farms & Agriculture Production | 25 Jan 2022 | $400M | $1.90B | One Madison Group and JSCapital |
| Bolt Payment Processing & Point of Sale | 14 Jan 2022 | $355M | $11.00B | BlackRock |
| CARSOME Automobile Dealers & Manufacturers | 10 Jan 2022 | $290M | $1.70B | Qatar Investment Authority and 65 Equity Partners |
| CARSOME Automobile Dealers & Manufacturers | 31 Jan 2022 | $290M | $1.70B | Qatar Investment Authority |
| PayFit Tech Companies | 6 Jan 2022 | $287M | $2.10B | General Atlantic |
| Real Estate Investment | 1 Jan 2022 | $240M | $1.90B | SoftBank Vision Fund |
| Tech Companies | 20 Jan 2022 | $200M | $5.20B | Blue Owl Capital and BDT & MSD Partners |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did Back Market raise in its Series E round?
Back Market raised $510M in its Series E round, announced in Jan 2022.
Who led Back Market's Series E round?
Sprints led it, with Eurazeo, Aglaé Ventures, General Atlantic and Generation Investment Management.
What was Back Market's valuation at the Series E round?
$5.70B post-money.