German startup GmbH , which lends and refurbishes mobile phones for businesses, was valued at around 250 million euros.
Everphone implements an innovative business model, known as “phone as a service ,” through which it purchases thousands of smartphones and lends them to business customers. The goal is to reuse the devices after refurbishing, thereby extending their lifespan.
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With this approach, Everphone tries to address the environmental impacts of frequent upgrades.
This above development aims to expand the company's activities and prepare it for a possible listing on the stock exchange.
Everphone has successfully completed a financing of approximately €20 million, led by Capnor, the De Clercq family vehicle from Belgium. Existing shareholders including Cadence Growth Capital and the company’s founder, Jan Dzulko, also participated. Although the exact value of the transaction was not disclosed, Everphone was significantly strengthened by this financing.
In addition to the stock price increase, Everphone obtained a €250 million credit facility from lenders including Citigroup, KfW (Germany's state development bank) and Phoenix Insurance Group.
The transaction reflects a recovery in venture capital funding in Europe as the market recovers from a downturn caused by high interest rates and limited investor. In addition, other companies such as Tacto Technology GmbH and Scalable Capital have recently received significant funding.
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Everphone posted revenue of more than 75 million euros last year, with earnings before interest, taxes, depreciation and amortization doubling to 30 million euros. According to CEO Jan Dzulko, the company is preparing for an IPO next year, although it currently has no specific plans in this area.
Source: bloomberg.com
