Finnish iPhone refurbisher raises EUR 17m
Helsinki-based Swappie, which claims to run Europe’s largest iPhone refurbishment platform, has secured a EUR 17 million loan from the European Investment Bank (EIB).
This five-year loan agreement was supported by the InvestEU programme, which was set up to fund projects that align with EU goals, such as promoting European competitiveness and innovation, and developing sustainable infrastructure.
Swappie is a good fit. It was founded in 2016 to meet the growing demand for second hand iPhones and for more sustainable consumer products. According to the EIB, a refurbished iPhone has an 80% lower carbon footprint than a new one, and using a phone for an extra year cuts its lifetime carbon emissions by a third.
In 2023, the EIB announced EUR 88 billion in new financing for more than 900 projects. They are expected to generate about EUR 320 billion in investment and create 5.4 million jobs.
Lauri Lipsanen, Swappie’s CFO, said: “We are immensely grateful for the European Investment Bank’s support through this EUR 17 million loan, which signifies a pivotal moment for Swappie as we continue to advance our mission of sustainable technology consumption. This funding will support our research and development efforts, allowing us to further refine our refurbishment processes and extend the lifespan of iPhones, thereby reducing e-waste and minimising the carbon footprint associated with new smartphones.”
Swappie is active across Europe and posted EUR 208 million in sales in 2022. The company has raised EUR 149 million to date.
