Stop the presses: refurbed co-founder Kilian Kaminski on € 50 million investment and growth

Momentum highlights circular economy growth

Less than two years after its Series C, this funding round underscores the accelerating momentum of the circular economy. With 40% year-on-year growth, refurbed has established itself as one of the largest players in the European refurbishment market.

Strong financial performance achieved

In 2025, refurbed reached multiple financial milestones, including 40% annual growth, double-digit EBITDA profitability, and positive cash flow since March. The company aims for a gross merchandise value of nearly € 1 billion for 2025.

Expansion into new markets and categories

With fresh capital, Refurbed plans to expand into additional countries and product categories, building on five successful launches last year in Portugal, Belgium, Czech Republic, Finland, and Switzerland. Collaborations with global brands such as Dyson, AEG, and Kärcher strengthen category expansion. In a press release co-founder Kilian Kaminski emphasizes stimulating demand for the circular economy while supporting sellers and brand partners to scale quickly.

Time for SecondaryMarket.news to sit down with Kilian Kaminski and ask him more about this recent financing round.

SecondaryMarket.news: How did Refurbed manage to close the € 50 million financing round so quickly, and what made this round stand out from Series C?

Kilian Kaminski: Speed and trust were key, and we completed the round within months. Existing investors, alongside Alex Zubillaga, saw our profitability trajectory and strong fundamentals. Their familiarity with high-growth platforms like Spotify and Wallapop added strategic confidence. The swift closure shows both our maturity and investor belief in the refurbished model as a sustainable mainstream alternative.

SecondaryMarket.news: In your press release you said the new funding will help achieve faster operational profitability. How exactly will this capital accelerate sustainable growth without going public soon?

Kilian Kaminski: Our focus is on profitability, not speed to IPO. This capital allows us to expand categories and markets while maintaining independence. We’re reducing reliance on external financing, investing instead in efficiency, automation, and customer retention. That gives us control over our growth quality and ensures the business remains resilient regardless of market fluctuations or funding cycles.

SecondaryMarket.news: According to our estimation we projected your gross merchandise value to increase from € 577 million in 2023 to € 688 million in 2024, and now to nearly € 1 billion in 2025. What has driven this rapid growth?

Kilian Kaminski: We do not comment on estimated figures, but we are very pleased with our strong business growth of 40% year over year. This momentum puts us well on track to reach close to € 1 billion in GMV in 2025. It’s the result of strong execution and diversification. We expanded into new markets, broadened our product range, and enhanced seller tools. Customers are increasingly comfortable buying refurbished, not just smartphones but also appliances and other electronics. GMV reflects both higher order volumes and a growing average basket size. It’s a validation of our circular model gaining real consumer traction.

SecondaryMarket.news: Profitability has reportedly arrived faster than one of your larger-funded European competitors. What drove this efficient path to profit?

Kilian Kaminski: Our efficiency comes from focus. We built a scalable, asset-light model centered on technology and merchant success rather than heavy infrastructure. Marketplace commissions, trade-in programs, and insurance services diversify revenue streams. This mix enhances margins and stabilizes income. While others raised more capital, we grew responsibly and that discipline helped us reach profitability sooner.

SecondaryMarket.news: You expanded into five new European markets last year. What lessons did you learn from entering countries like Finland, Portugal and Switzerland?

Kilian Kaminski: Localization is everything. Every market has unique consumer expectations and regulatory nuances. Our biggest lesson was how trust influences conversion. Strong aftersales service, local payment options, and clear communication drive adoption. Once established, customer satisfaction in new markets often exceeds early projections, proving that refurbished can win mainstream trust across Europe.

SecondaryMarket.news: Smartphones, the product that was essential to the start of refurbed, now account for less than 60% of your GMV. How has diversification reshaped customer behaviour and purchase patterns?

Kilian Kaminski: Diversification has been transformative. Customers now buy more than two products per year on average. Adding categories like small domestic appliances, sports gear, and baby products improved retention and lifetime value. By broadening our assortment, we reduced dependence on Apple iPhone sales and created a healthier revenue mix across the business.

SecondaryMarket.news: How do premium brand partnerships, such as with AEG, Kärcher and Dyson, fit into refurbed’s strategy of expanding beyond smartphones?

Kilian Kaminski: These partnerships allow us to enter new segments with strong brand credibility. They make sustainable consumption aspirational, not alternative. For brands, we offer a complementary sales channel that reaches new audiences without cannibalizing new product sales. It’s a win-win, helping consumers access premium products at fair prices while supporting circularity.

SecondaryMarket.news: The gaming console segment remains relatively small for refurbed. Why have you chosen not to focus on that category despite strong growing global demand?

Kilian Kaminski: It’s a deliberate choice. Gaming consoles offer lower volume and more volatile supply compared to electronics or appliances. We prioritize categories where we can deliver consistent quality, scale efficiently, and maintain strong margins. Our strategy focuses on sustainable growth rather than chasing short-term spikes in demand.

SecondaryMarket.news: Your online-only trade-in program has become a key growth driver. How do you ensure accurate pricing and customer trust at scale?

Kilian Kaminski: Transparency and consistency are essential. We try to ensure that consumers receive exactly the price they were promised. Our systems use data to minimize discrepancies between initial and final offers. This builds trust and reduces complaints. For sellers, predictable trade-in flows mean they can scale volume with confidence. It’s a digital-first model optimized for clarity and reliability.

SecondaryMarket.news: You shared that you do not plan to reduce seller commission with this investment. How will the new funding enhance seller profitability and platform efficiency?

Kilian Kaminski: We’re investing in marketing to increase customer traffic, helping sellers sell faster without higher commissions. We’re also improving logistics, support tools, and AI-based optimization to reduce operational costs. Sellers are our ecosystem’s backbone and empowering them with technology ensures our growth benefits the entire platform, not just refurbed itself.

SecondaryMarket.news: With rapid scaling, how do you balance technological innovation with maintaining positive impact for sellers and partners?

Kilian Kaminski: Innovation must serve people. Every tech advancement, whether in AI, logistics, or customer tools, should simplify life for our sellers. We always assess the partner impact before launching new features. Sustainable growth depends on ecosystem health, so our strategy ensures innovation strengthens collaboration rather than replacing it.

SecondaryMarket.news: Looking ahead, what is your long-term vision for Refurbed’s role in Europe’s circular economy?

Kilian Kaminski: Our vision is to make refurbished the default way people consume electronics. We want to lead a movement, not just a marketplace. By offering premium quality, transparency, and accessibility, we help make circularity mainstream. Long term, we’ll keep expanding into new markets and categories, ensuring growth remains both profitable and sustainable.