European online furniture store Home24 has acquired Returbo, a German ecommerce company that sells overstock, promotional and second-hand goods and returns. The two companies already worked together since last year, but now Rocket Internet’s portfolio company took over Returbo.
The deal hasn’t officially been approved yet, but if all goes well, Home24 is the new owner of Returbo, a specialist in the so-called ‘recommerce’ industry. “Since the end of 2015, we’ve been working closely together with the team of Returbo, so we got to know the team well, but they also convinced us of their processes and systems. They should help us with further optimizing our retour process”, Home24’s founder Philipp Kreibohm said.
Returbo was founded in 2010 and is specialized in the secondary use of products from the ecommerce industry. It sells refurbished items such as furniture and consumer electronics. In October last year, Returbo got 1.1 million euros from a crowdfunding campaign. But in October of this year, the company filed for bankruptcy.
Home24 was founded in 2012 and is part of German incubator Rocket Internet. Earlier this year, 20 million euros was invested in the furniture company, which wants to switch from being just an online furniture store to a company that offers a curated assortment to a dedicated community. Last year, Home24 saw its sales increase by 46 percent to 234 million euros.