Draft:Swappie
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| Company type | Private |
|---|---|
| Industry | Recycling, Sustainable business, E-commerce |
| Founded | 2016 in Helsinki, Finland |
| Founder | Sami Marttinen Jiri Heinonen |
| Headquarters | Helsinki , Finland |
Area served | Europe |
Key people | Sami Marttinen (CEO) |
| Products | refurbished iPhones |
| Revenue | €207.3 million[1] (2023) |
Number of employees | >800[1] (2023) |
| Website | swappie |
Swappie is a Finland based startup that buys, refurbishes, and resells iPhones. The company was founded in 2016 and is active across Europe.
Business model and company structure
[edit]The company buys, inspects, refurbishes and resells used iPhones with a warranty of 12[2] to 36 month.[3] According to CNN, the company is taking up ideas from the right to repair movement in this way.[4]
The used devices are bought directly from end consumers (C2B), Swappie also buys iPhones from companies (business phones) or from intermediaries (B2B).[5] In some cities there are devices that work like reverse vending machines. People can drop in their used iPhones and have them valued. If the price offered is accepted, Swappie transfers the money to the seller's bank account.[6] In Sweden, Swappie has set up such devices in ICA branches, for example in Stockholm, Uppsala, Sundsvall, Helsingborg or Malmö.[7]
The inspection and refurbishing process consists of more than 50 steps.[8][5][9] It is carried out in two workshops located in Helsinki[10] and Tallinn (Estonia)[5] respectively. The company headquarters is also located in Helsinki.[11] The fulfillment for Central Europe is handled in Leipzig, Germany.[5]
Markets and focus
[edit]The company is active across Europe. Finland, Sweden, Italy and Germany are considered the company's largest markets.[12][13] Competitors differ from country to country. They include, for example Refurbed, Back Market, Mint+, Telia and Apple's own refurbed online store.[14][15][3]
Swappie focuses its business exclusively on iPhones.[8]
History
[edit]Sami Marttinen[2] and Jiri Heinonen[16] founded the company in 2016, back then under the name Digilean Nordic Oy.[17] The business idea was born after Marttinen fell victim to fraud when buying a used iPhone online.[12] The start-up raised funds from investors in several financing rounds between 2019 and 2022.[18][19] These investors include Lifeline Ventures, Reaktor Ventures, Inventure, and TESI.[2] The company had refurbished and resold more than 1 million iPhones by 2022.[8] At that time, the number of employees was 1,200[8] and sales amounted to over 200 million euros.[5] In 2024 the European Investment Bank, i.e. the European Union's investment bank, provided a five-year, €17 million loan.[20]
Awards
[edit]Swappie has been awarded as the fastest growing company in Europe according to the Financial Times and Statista FT1000 ranking in 2022[21] and Finland’s most successful startup by Deloitte Technology Fast 50 list in 2021.[22]
References
[edit]- ^ a b Pekkonen, Sanna (2024-07-06). "Euroopan nopein kasvaja Swappie joutui karsimaan kuluja ja irtisanomaan henkilöstöä: Näin yhtiöllä nyt menee" [Swappie, Europe's fastest growing company, has been forced to cut costs and lay off staff: here's how the company is doing now]. Talouselämä (in Finnish). Retrieved 2024-11-28.
- ^ a b c Lomas, Natasha (2020-06-16). "Swappie bags $40.6M to sell more secondhand iPhones across Europe". TechCrunch. Retrieved 2024-10-24.
- ^ a b Jörg Heinrich: Gebraucht: „Second Handy“ lohnt sich. Münchner Merkur, June 6, 2023, p. 19.
- ^ Ramirez, Rachel (2022-12-11). "Do you really need a new phone every 2 years? How to get more out of your devices". CNN. Retrieved 2024-11-05.
- ^ a b c d e Spier, Alexander (2023-11-07). "So werden iPhones refurbished: Blick hinter die Kulissen eines Aufbereiters" [How iPhones are refurbished: A look behind the scenes of a refurbisher]. Heise online (in German). Retrieved 2024-10-24.
- ^ Wahlqvist, Jon (2023-10-23). "Panta mobilen på Ica? Nu gör Swappie ny satsning (och den har AI!)" [Pawn your phone at Ica? Swappie's new venture (and it has AI!)]. breakit.se (in Swedish). Retrieved 2024-11-05.
- ^ Ahrnstedt, Petter (2023-10-31). "Snart kan du panta din gamla Iphone på Ica" [Soon you can pawn your old iPhone at Ica]. Macworld (in Swedish). Retrieved 2024-11-05.
- ^ a b c d Milne, Richard (2022-03-21). "Swappie takes top spot on FT ranking with focus on sustainability". Financial Times. Retrieved 2024-10-24.
- ^ Like a new phone, but smarter. Mail on Sunday, 2021-11-21.
- ^ Porwol, Thomas (2022-07-02). "Hier werden aus alten iPhones neue!" [Old iPhones become new ones here!]. bild.de (in German). Retrieved 2024-10-24.
- ^ "Swappie". cbinsights.com. Retrieved 2024-10-24.
- ^ a b Allievi, Matteo (2022-07-15). "A mobile phone that was never delivered leads to idea for multi-million dollar business". El Pais. Retrieved 2024-10-24.
- ^ Anton Rainer, Michael Kröger, Simon Book, Kristina Gnirke, Matthias Kremp: Gebraucht ist geil. Der Spiegel, December 24, 2021.
- ^ Tiainen, Antti (2019-04-12). "Käytettyjen älypuhelinten myynti kasvaa nyt vauhdilla – Myös isot operaattorit ovat lähdössä mukaan kilpailuun" [Sales of used smartphones are now growing fast – Big operators are also joining the race]. Helsingin Sanomat (in Finnish). Retrieved 2024-10-24.
- ^ Weckler, Adrian: Second-hand tech offers a cheaper way to upgrade your phone, with plenty of options on the market. Irish Independent, 2023-03-23.
- ^ Lappalainen, Elina (2020-11-20). "Kuinka laajentaa maailmalle matkustamatta – Kasvun rakentajat -podcastissa Swappien perustajat kertovat menestyvän verkkokaupan reseptin" [How to expand globally without travelling - in the Growth Builders podcast, the founders of Swappie share the recipe for successful e-commerce]. Talouselämä (in Finnish). Retrieved 2024-11-05.
- ^ Lappalainen, Elina: Opiskelijoiden yritys teki miljoonan liikevaihdon ensimmäisenä vuonna: Swappie iski käytettyjen iPhone-puhelinten markkinaan [Student company turns over a million in its first year: Swappie hits the second-hand iPhone market]. Talouselämä, 2018-01-15.
- ^ Basul, Alara (2020-06-16). "Swappie raises $40m Series B". uktech.news. Retrieved 2024-11-05.
- ^ Butcher, Mike (2022-02-15). "iPhone refurbisher Swappie raises $124M Series C led by Verdane to scale in Europe". TechCrunch. Retrieved 2024-11-05.
- ^ Randmaa, Kristiina (2024-05-30). "Finland: EIB signs €17 million loan to iPhone refurbisher Swappie" (Press release). European Investment Bank. Retrieved 2024-11-05.
- ^ Kelly, Maxine (2022-03-01). "FT 1000: the sixth annual list of Europe's fastest-growing companies". Financial Times. Retrieved 2024-11-05.
- ^ "Technology Fast 50 2021 listaus" [Technology Fast 50 2021 listing] (in Finnish). Deloitte. Archived from the original on 2024-03-02. Retrieved 2024-11-05.
External links
[edit]Category:Companies based in Helsinki Category:2016 establishments in Finland Category:Recycling industry Category:iPhone Category:E-commerce in the European Union