EasyCep Receives Investment with 100 Million Valuation

Easycep, Turkey's largest refurbished electronics market, received an investment of 11 million dollars over a 100 million dollar valuation in the Series A investment round.

Easycep, which was founded in 2018 by Mehmet Akif Özdemir and İsmail Dinçer with the vision of introducing Turkish consumers to refurbished electronic devices and stands out with its innovative solutions in the purchase and sale of refurbished electronic devices, received an investment of 11 million dollars over a 100 million dollar valuation in the Series A investment tour.

Colendi and PlatformXIT also took part in the investment tour led by Re-Pie Portfolio by investing 6 million dollars through the VCIF (Venture Capital Investment Fund) established for EasyCep.

Also see: Düşyeri Receives $3.7 Million Investment With a $35 Million Valuation

'We will step into overseas markets'

Making statements regarding the investment tour, EasyCep CEO Mehmet Akif Özdemir pointed out that the valuation figures of their companies and the amount of investment they received reveal the growth potential of the refurbished electronic device industry in Turkey and in the world. Özdemir said the following:

'We believe in EasyCep's business model'

Re-Pie General Manager Alim Telci underlined that EasyCep serves all segments with its business model and added value:

Colendi CEO Bülent Tekmen, who took part in the investment tour, said the following:

1 Year Warranty for Refurbished Devices

EasyCep operates in the field of renewal and sales of consumer electronics, especially smart phones, with the license it received from the Ministry of Commerce in 2021. EasyCep, which can make device pricing everywhere thanks to the algorithmic application it has developed, renews the devices it collects through its website, stores, mobile application, retail and marketplace platforms with which it is integrated and offers them for sale through the same channels with a 1-year warranty.

With the regulation that came into effect in October 2021 in Turkey, the VAT rate on second-hand mobile phones offered for sale by renewal centers was reduced from 18 percent to 1 percent, and with another regulation that came later, installments up to 12 months were introduced. With the positive effect of the VAT reduction, it is expected that mobile phones that have changed hands informally will be registered and brought into the economy. The refurbished electronic device market is projected to reach $1.5 billion by 2026. The refurbished electronic device market in Europe corresponds to 18 percent of the new device market.

One of the players in the refurbished electronic device market, in which EasyCep operates, France-based BackMarket reached a value of $5.7 billion, while Finland-based Swappie, which sells only refurbished iPhones, received an investment of 108 million euros in the Series C round.