French circular economy platform Place2Swap has reportedly raised funds of €750,000 to accelerate growth, double its workforce and expand internationally.
The start-up, founded in 2016, is a c2c white label platform that turns the historically problematic issue of the end-of-life of products into an opportunity.
In practice, it allows brands to manage their customer data, handle returns and unsold stock and integrate a secondhand buying and selling platform into their websites.
Rather than losing out to existing resale platforms, brands can bring secondhand selling in-house, and can also create a new distribution channel for unsold stock via a b2c marketplace. And through a c2c marketplace, are able to limit the cost of product returns by giving customers the chance to resell them.
According to Place2Swap, €630m in returns and unsold goods are destroyed each year in France.
And in terms of the secondhand market, two in three French people have bought a secondhand item, while 17% buy more secondhand pieces than brand new.
Place2Swap highlights that the secondhand market is growing 24 times faster than traditional retail.