Redeem Holdings Limited, a Bathgate near Edinburgh, Scotland, UK-based mobile and electronics recommerce company, raised £15m in debt and equity funding.
– Praesidian Capital Europe, which invested £7M in debt capital and £1M in equity with an additional £2M available as an acquisition line of financing;
– Connection Capital, which made a £5m equity investment.
The company intends to use the funds for international organic growth and potential acquisitions.
Led by Founder and Chairman Trevor Bayley, and CEO Claes Svensson, Redeem operates a recycling and take-back management platform for mobile and electronic products. It sources used handsets from Mobile Network Operators, consumers through its internet based business Envirofone and businesses across Europe which are serviced by dedicated telesales teams.
The company currently operates in 23 countries on three continents with regional offices in Madrid, Spain; Sweden/Estonia; Dubai and Hong Kong. Founded in 2011, it now employs 273 people.