Generation Start-up: Founded in September 2022, the company has raised $10m so far
Alkesh Sharma
Revibe, a Dubai-based refurbished electronics retailer, was launched with a strong motivation to address a pressing environmental issue.
Co-founder Hamza Iraqui was struck by the massive amount of electronic waste and its detrimental effects on the environment.
He decided to create a business model that focused not only on sustainability but also aimed to provide consumers with affordable, high-quality electronic goods.
“The key motivation and turning point were a combination of frustration with the disposable nature of electronics, the high costs of buying new devices, and a passion for sustainability,” Mr Iraqui tells The National.
He co-founded Revibe with his close friend Abdessamad Ben Zakour in September 2022. Both co-founders, who met during their college years in France, leveraged their extensive backgrounds in consulting and finance to drive the company’s goals.
Revibe is a business-to-consumer marketplace that connects buyers with professional refurbishers, who are constantly audited by third-party professionals to ensure the quality of their products. This allows consumers to purchase “premium, sustainable devices at almost half the price”, says Mr Iraqui.
Revibe co-founders Hamza Iraqui, right, and Abdessamad Ben Zakour believe mounting competition is good for the industry and consumers. Chris Whiteoak / The National
Revibe products, which include smartphones, laptops and tablets, are rated in a three-grade notation system. The grades are excellent – like new, highest technical condition and battery health above 95 per cent; very good – light scratches visible from 20 centimetres, above-average technical condition and battery health above 90 per cent, and good – visible scratches and possible dents, average technical condition and battery health above 85 per cent.
All devices are 100 per cent tested, functional and come with a one-year warranty, according to the company.
“We aim to prove that refurbished electronics can be as reliable as new ones,” says Mr Iraqui, a former partner at Boston Consulting Group.
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“The main pain point in the industry is how to ensure quality and continuous customer care … especially at scale as the company grows. Revibe has developed a scalable model inspired by successful examples from other regions, where the quality of refurbished products is nearly as good as that of a new device.”
Refurbished electronics include products returned to manufacturers due to technical flaws or for recycling. They are checked for functionality and overhauled, with parts repaired or replaced as needed, to be resold, essentially as new.
In contrast, second-hand products are sold without being tested or repaired.
Smartphones are among the most popular refurbished electronics sold globally. The market size in the Middle East and Africa for refurbished and used mobile phones is expected to reach nearly $12.3 billion by 2030, from $6.1 billion in 2022, according to Custom Market Insights.
The refurbished electronics market also plays a role in combating climate change by reusing components, thereby reducing the demand for raw materials such as core minerals and plastics.
Shoppers look at a display of second-hand mobile phones on display in the window of an electronics store in Southampton, the UK. Bloomberg
This process not only minimises water and air pollution but also helps decrease e-waste, according to the US non-profit Comprenew.
Mr Iraqui says he aims to push the region’s circular economy culture through Revibe.
A circular economy is an economic system that focuses on reducing the extraction of natural resources, minimising waste and regenerating natural systems.
Adopting circular economy principles could deliver $26 trillion in economic benefits by 2030, according to the Global Commission on Economy and Climate.
The market for refurbished electronics, which is currently estimated at $6 billion globally, is expected to reach $20 billion by 2030, says Mr Iraqui. Increasing consumer awareness of sustainability and cost savings is a key driver of growth in the industry.
“Revibe intends to disrupt this market by continually expanding its product range, improving the efficiency of quality checks, and investing in innovative marketing campaigns to reach more consumers.
“Our long-term plan includes entering new markets and setting world-class industry standards for quality in refurbished electronics,” he adds.
The company was established with an initial investment of $2.3 million from external sources, with Egypt’s Flat6Labs and Paris-based venture capital fund Resonance as the primary investors. Their support was crucial in getting operations off the ground and scaling quickly, Mr Iraqui explains.
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
With its recently announced $7 million Series A funding round, Revibe has raised a total of $10 million from external investors.
“This capital has been instrumental in developing our infrastructure, expanding our product range, and enhancing our marketing efforts … we have just finalised our series A fund-raising, so we are not planning to raise capital this year but probably next year as we continue our rapid growth and expansion,” says Mr Iraqui.
The start-up aims to use the fresh capital in several key areas, such as expanding its product portfolio, improving customer care, enhancing quality control processes with its suppliers, and boosting its marketing efforts.
It also plans to increase its workforce to meet the increasing workload.
“We are planning to triple our workforce across various segments including customer care, suppliers relationship, technology and marketing,” he adds.
Our long-term plan includes entering new markets and setting world-class industry standards for quality in refurbished electronicsHamza Iraqui, co-founder of Revibe
Despite a successful stint, Revibe has faced obstacles. One major challenge has been ensuring a consistent supply of high-quality used electronics. The company overcame this by partnering with reliable suppliers and investing in improving their processes and the quality of their devices.
“Additionally, [poor] market perception of refurbished products was initially a hurdle, which we addressed through rigorous quality control and marketing campaigns to build consumer trust,” Mr Iraqui says.
Revibe is active in the UAE, Saudi Arabia and Kuwait. Its expansion plans include entering new markets in the Middle East and North Africa region in the coming months.
The company has sold more than 30,000 renewed devices and grew nearly 10 times over last year. It has helped save more than 2.4 million kg of carbon dioxide emissions while delivering savings of more than $6 million to its consumers, Mr Iraqui says.
He says Revibe views escalating competition as a “catalyst for innovation and improvement”.
“By observing and learning from competitors, we continually enhance our offerings and customer experience … we are in a stage of market maturity where competition is healthy, and we are better if more players are pushing and educating the market on the benefits of renewed electronics.”
He says Revibe’s focus on quality and sustainability allows it to carve out “a unique niche” in the market.
Revibe's co-founders with staff at their office in Business Bay. Chris Whiteoak / The National
Q&A with Hamza Iraqui, co-founder of Revibe
Where do you see yourself 10 years down the line?
We envision Revibe as a leading regional brand in the refurbished electronics market, known for our commitment to sustainability, quality and innovation. We aim to set industry standards and inspire other companies to adopt sustainable practices.
Are you a risk-taker or a cautious entrepreneur?
I believe in taking calculated risks. While we are cautious in our decision-making, we also recognise the importance of seizing opportunities that align with our vision and growth strategy. This balance allows us to innovate while maintaining a strong and stable business foundation.
What is your vision for the company?
We aim to reduce electronic waste and promote sustainable practices across the industry. By continuously innovating and improving our offerings, we strive to make a positive and lasting impact on the environment and the electronics market.
What successful start-ups do you wish you could have started and why?
Companies like Warby Parker and Allbirds inspire us for their innovative approaches and commitment to sustainability. Both have successfully disrupted their respective industries by championing quality, affordability, and eco-friendly practices. Their success stories demonstrate the potential of combining business acumen with a strong commitment to sustainability, which aligns with our vision for Revibe.
What new skills have you learnt in the process of launching your start-up?
I have learnt valuable skills in many aspects, particularly in marketing, customer service and team leadership. These skills have been crucial in navigating the challenges of starting and growing a business.
What is your mantra for success?
Stay committed to your vision, be adaptable, and always prioritise quality and customer satisfaction. These principles guide our decisions and help us stay focused on our goals, ensuring we deliver value to our customers and stakeholders.
Who is your role model?
Elon Musk is my role model for his relentless pursuit of innovation and sustainability. His commitment to pushing the boundaries of technology and his vision for a sustainable future inspire us to strive for excellence and make a meaningful impact in our industry.
Updated: July 08, 2024, 4:00 AMCOMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
