ThePhoneLab, a big mobile repair shop chain in the Netherlands, successfully raised € 600,000 from its customer base within just one day through a crowdfunding campaign. The company aims to reach a total of €2 million to further expand its operations and enhance its environmental sustainability efforts by extending the lifespan of mobile devices and minimizing electronic waste.
Strong foundation and growth plans
With 11 stores across the Netherlands, ThePhoneLab has established a reputation for quick and professional repair services for phones, tablets, and laptops. The company boasts a high customer satisfaction score of 9.5/10 and a Google rating of 4.9/5. ThePhoneLab is now transitioning to a fully circular business model, incorporating repairs, refurbished devices, insurance, and accessories to maximize the life cycle of electronic devices.
Mission to extend the lifespan of 2 million devices
ThePhoneLab's mission is to extend the lifespan of 2 million mobile devices by 2030. Acknowledging the global issue of billions of unused or discarded devices, many of which can still be repaired or reused, the company is committed to making a significant impact. By securing the necessary investments, ThePhoneLab aims to accelerate its mission and enhance its environmental contribution.
Revenue
The repair chain reported a revenue of € 5.2 million in 2023 and expects this to grow to € 7.3 million this year. However, its goal for 2029 is quite ambitious, with an expected revenue of € 45 million. The average turnover per existing store is just under € 500,000. According to the company, it has consistently been EBITDA positive.
Strategic use of crowdfunding funds
The funds from the ongoing crowdfunding campaign will be used to establish a nationwide network in the Netherlands and facilitate international expansion. We know that they would like to open a new repair shop in Germany soon. ThePhoneLab’s target is to operate 93 stores and secure substantial deals with insurance companies and corporate clients by 2029.
Proven track record ensures investor confidence
What sets ThePhoneLab’s crowdfunding campaign apart is that investors are not backing a new venture. As founder Boris Blijham states, “The company has a proven track record of repairing damaged devices for nine years.” The aim is to scale up the existing model, maintaining a strong focus on sustainability. The swift response to the crowdfunding round highlights the trust people have in ThePhoneLab’s vision and mission to reduce e-waste”. In Europe larger repair chains, like Italian iRiparo, are struggling and downsizing rather than raising money to grow.
Market
Trade-in
Repair
