Estonian startup Ringy, founded in 2020, is making waves in the electronics refurbishing industry with a mission to give devices a second life. Ranked third on Sifted’s “Eastern Europe and Baltics Leaderboard,” Ringy has quickly emerged as a leader in sustainable technology, becoming the top-performing Estonian company on this prestigious list.
Building a circular economy for electronics
Headquartered in Estonia, Ringy was launched by CEO Kristo Kraft, COO Oliver Läll, CTO Ionut Iordachescu, and Taavi Tuisk, after their participation in the Startup Wise Guys accelerator program. With a clear vision to build an ecosystem around refurbishing and repurposing electronics, Ringy is transforming consumer perception of device lifecycle management. By refurbishing used electronics, the company aims to reduce e-waste, promote a circular economy, and offer consumers more sustainable tech options.
Achieving record growth in a short time
Ringy’s growth has been meteoric. After securing a € 0.55 million angel funding round in June 2022, the company achieved revenues of € 3.7 million in the financial year ending December 2023. This revenue marks a substantial jump from € 198,000 just two years earlier, demonstrating Ringy’s rapid expansion and consumer demand for refurbished electronics.
Ranking on the Sifted 30 leaderboard
Sifted’s leaderboard showcases the fastest-growing startups in Eastern Europe and the Baltics by revenue growth over the past three financial years. The rigorous criteria required companies to be headquartered in specific countries within the region, to have a headcount of fewer than 1,000, and to generate significant revenue primarily from proprietary technology. Out of 30 companies that collectively generated € 188.2 million in revenue and employed more than 1,300 people, Ringy placed third, making it the highest-ranking Estonian company.
Ringy’s continued innovation in the refurbishing space
As Ringy continues to scale, its impact on the secondary electronics market in Eastern Europe is expected to grow. With a focus on extending device lifespans and reducing e-waste, the startup aligns with the broader European agenda of promoting sustainability within the tech industry. Its continued innovation and dedication to the refurbishing market could serve as a model for other companies aiming to integrate circular economy principles into their operations.
Conclusion
Ringy’s rapid ascent in the electronics refurbishing market highlights the potential of sustainable technology startups in Eastern Europe and the Baltics. With strong backing, a commitment to sustainability, and a market that increasingly values circular economy initiatives, Ringy is well-positioned to lead in both local and regional markets.
Market
Trade-in
Repair
Refurbishing
