Refurbished online marketplace, Revibe, has pre-secured funding with its latest pre-seed round. The Dubai based start up was founded in 2022 and sells refurbished devices including smartphones, tablets and laptops to consumers and businesses such as Google and aramex. Revibe is active in the UAE and Saudi Arabia, and plans to use the funding to expand its operations further into the MENA region.
The refurbished device market shows plenty of promise globally with sales anticipated to reach 172 billion USD by 2033, a growth rate of CAGR 11.9% (Statista). A recent report by YouGov indicates that two-thirds of UAE residents have either purchased refurbished electronic products (27%) or would consider buying them in future (40%).
While the global smartphone market has slowed, the latest market monitor report from Counterpoint Research indicates that Smartphone shipments in the Middle East and Africa (MEA) region increased 1% YoY and 7% QoQ in Q2 2023. The report also points to Apple and Samsung taking the lion's share of sales.