Romanian refurbished phone marketplace Flip.ro triples turnover in 2022

Romanian refurbished phone marketplace Flip ended 2022 with a turnover of EUR 36 million, three times higher than in 2021 when it reported EUR 13 million in sales. In its first year, the local startup had a turnover of EUR 2.5 million.

2022, which was Flip's third year of activity, also marked its expansion into two new markets in the region: Bulgaria in June and Hungary in October.

The company has grown from 10 employees in their first year to over 160 in 2022, of which 83 are specialists in the service team. The space has also increased from 30 sqm in 2020 to over 1,000 sqm today.

Moreover, over 210.000 clients have used Flip's services in its three years of activity, either to buy or sell phones, and 9 out of 10 consumers recommend their services.

The company also said that more than 7,500 companies used its services, most coming from domains such as FMCG, construction, commercial or hospitality.

"Companies are becoming increasingly mindful of their activity's impact on the environment and are looking for palpable solutions. Selling used smartphones through buyback services or buying refurbished smartphones for their employees are two practical solutions to diminishing their carbon footprint that we offer companies. The funds they save by having a more responsible attitude towards the environment can be used for other investments. So far, on the B2B segment of our business, we have an income of EUR 3.3 million, and we have collaborated with SMEs, multinational as well as national companies," said Nicolae Trofin, Chief Sales Officer for business partnerships at Flip.

The company has paid over EUR 17.5 million to Romanians who chose to sell their phones through the platform, and in 2022, payments made to these clients increased by 138% compared to the previous year. Most of Flip's clients are from Bucharest, Cluj-Napoca, Brașov, Iași, and Constanța.

Flip.ro is a marketplace founded at the end of 2019 by three young entrepreneurs: Alin Luca, Alex Burghelia, and George Moroianu. It buys and sells refurbished smartphones, thus encouraging circular economy. According to Flip's data, a refurbished smartphone reduces the quantity of carbon dioxide associated with producing new phones by 63%, on average. Through its activity, the startup has so far contributed to saving 3,188 tons of CO2, a quantity equivalent to the absorption capacity of 4 forests the size of Bucharest's Herăstrău Park.

Besides the option of selling smartphones through the platform, Flip collaborates with other large electronics retailers (Flanco, eMAG, Samsung, Huawei), offering buyback services directly in their stores, using a dedicated app, Flip BuyBack.

Since 2021, the company has been part of the eMAG group, receiving EUR 8 million in financing.