HELSINKI, June 5, 2023 /PRNewswire/ — Fixably, a globally recognized after-sales SaaS company, has successfully secured $10 million in funding and is launching a new product to extend the lifespan of over 10 billion devices.
The funding round included global investors such as 468 Capital, Cusp Capital, icebreaker.vc, and Business Finland. It comes at a time when the used smartphone market is projected to grow from $66.8 billion in 2023 to $143.8 billion in 2031, a significant opportunity for the recommerce sector.
The introduction of Fixably Refurb demonstrates the company’s commitment to creating a comprehensive global after-sales platform.
The innovative solution addresses the challenges faced by re-commerce companies, including sourcing, price management, reporting, grading, and the ability to scale their business.
Billions of dollars worth of transactions are run on spreadsheets, simple in-house solutions, or poorly-configured ERP systems. By enabling data-driven re-commerce operations, Fixably Refurb adds substantial value to the circular economy of consumer electronics.
Fixably Repair, the company’s first Saas product, is a repair workflow management solution that encourages repairability and profitable after-sales business. The solution serves its primary markets in North America, South America, Europe, and Australia.
Fixably Refurb will benefit greatly from the existing service capacity of the Fixably Repair network in over 35 countries, supported by Fixably’s diverse international team representing 20 different nationalities.
A Brief Overview of Fixably’s Timeline:
2010: Joel Mansnerus, an electronics repair enthusiast, establishes a service business focussed on Apple devices and scales the business with a custom in-house solution.
2014: The business outgrows both in-house and commercially available repair management options. Everything points to a market vacuum for a platform designed to manage repairs.
2015: The initial version of Fixably Repair is built and designed to fill this gap. The early Fixably team bootstraps the business for the first few years.
2020: Fixably accepts funding for the first time for go-to-market motion. Venture capital firm icebreaker.vc leads a pre-seed round accompanied by government incubator funding.
2022-2023: Having expanded to four continents, Fixably secures its second round of funding, totaling $10 million.
June 2023: The company launches Fixably Refurb, a re-commerce management platform and their second solution available globally.