musicMagpie secures GBP20m in additional funding from Silicon Valley Bank
musicMagpie, a re-commerce business in the UK and US specialising in refurbished consumer technology, has secured GBP20 million in growth financing through a GBP10 million committed revolving credit facility and a GBP10 million accordion facility from Silicon Valley Bank (SVB) UK Branch.
musicMagpie’s core strategy is to provide its customers with a smart, trusted and sustainable way to buy, rent and sell refurbished consumer technology products. Selling to musicMagpie allows people to raise cash, reduce their carbon footprint and declutter their lives. Buying from it gives people the opportunity to acquire branded pre-owned items from a trusted seller in an environmentally friendly way, and for a fraction of the price of a new product. musicMagpie now has over 7.2 million customers globally across 210 countries making it an international ecommerce retailer and marketplace.
musicmagpie is proud to be the UK’s number one phone recycler refurbishing 95 per cent of the products it receives from its customers as it supports the reduction of e-waste globally and the mining for precious metals used in new tech.
musicMagpie is scaling fast and will use the growth financing from SVB to invest in its platform and sales and marketing in the UK & US.
Steve Oliver, CEO & Co-Founder of musicMagpie, says: “We are delighted to have Silicon Valley Bank support our growth. A long-standing relationship, sector insight and speed of execution made SVB the perfect choice for musicMagpie. We will use the additional funding to build out our international market presence and advance our digital proposition. We’ll also focus on building our talent pool and investing in our platform and refurbishing capabilities.”
Richard Faulkner, Managing Director, Silicon Valley Bank, says: “musicMagpie is one of the many exciting innovation companies in the North of England and it has been great to be able to support their impressive journey of rapid growth. We look forward to a continued partnership with Steve, Ian and the rest of the musicMagpie team.”