Today is a very special day, today is …UNDERDOG’s official launch !
We are extremely thrilled to announce our second investment in Underdog. Their mission? “Turning old machines into good news”.
And here is something we like to call good news: for their €3,8m round, we’re extremely proud to be partnering with Daphni, Tivoli, Founders Future and Leia Capital, to back UNDERDOG.
A unique team making 2nd life the 1st choice
An explosive 100% female trio — made in Veepee-, Claire Bretton, Léa de Fierkowsky and Laura Chavigny created UNDERDOG in September 2022.
They aim to create a new evidence, making refurbished the new consumer standard when it comes to household appliances, starting with the “Big 3”: washing machines, tumble dryers and dishwashers.
The secret sauce? In their Nantes-based warehouse, the UNDERDOG teams — experienced and professional technicians with over 20 years of experience — diagnose, repair, test and clean old machines to give them a second life.
And we’re 100% with them to tackle this challenge.
On the www.underdog.shop website, consumers can access a wide range of refurbished household appliances, up to 50% off new. The shopping experience is seamless and easy, with a 2-year warranty, home delivery and optional installation for fully verified and expertly refurbished devices.
A rising trend for environment- and cost-conscious consumers
The refurbishment of household appliances is only starting to emerge. While the appliance market is huge, reaching $700 billion worldwide, with a strong resilience (5% CAGR), the penetration rate of refurbishment of the latter is only 3%.
Three main challenges explain this low penetration:
1. The supply: products are being recycled rather than repaired, on a market dominated by small independent repairers, with no leading reseller to be found.
2. A lack of trust: part of the market is being captured by C2C platforms with no insurance nor warranty
3. A poor user experience: consumers are used to premium experience and even though they buy refurbished products, they still want a qualitative experience (free delivery, product installation and warranty).
UNDERDOG’ tackles these 3 challenges, making refurbished household appliances accessible, affordable and simple. They intend to become the new go-to for second hand home appliances, for consumers, brands and technicians alike.
And there are many reasons to believe the market fit will be absolutely stunning.
Because from an environmental point of view, in a world where 25 million household appliances are thrown away every year in France, the need for a company such as UNDERDOG is obvious.
Because in a world of rising inflation and falling purchasing power, second-hand consumption is definitively a game-changer.
Because the refurbishing market has been booming for several years. More than 1 in 4 French people say they want to buy more refurbished products than in the previous year.
A full stack solution for premium second-life
Each month, nearly 1,000 machines can be repaired and thus find a new home. UNDERDOG supports the entire refurbishment value chain: from product sourcing to final sales, including refurbishment and repackaging. They integrate it all by optimizing logistics, limiting the consumption of resources and, last but not least, by promoting French industrial know-how!
Having met at Veepee, where Claire, Léa and Laura all worked for several years, the founders have proven their ability to execute in a competitive, innovative and fast-paced environment. With Claire having launched Recycle, Veepee’s second-hand platform, you can be sure that the team has always been pioneers in making old the new cool.
“Hate it or love it, the underdogs come out on top.” 50Cent once said. And this is all we wish for them.
#REmadeinFrance #UNDERDOG
Find them on underdog.shop:
SISTA Fund I is a French Private Equity Professional Fund (FPCI) managed by 50 Partners Gestion, AMF registered number GP20000037.
