Eze, a wholesale marketplace for used and new electronics, has raised $3.7 million in seed funding that will be utilised to develop and enhance its technology infrastructure, expand its product offerings, and facilitate expansion into new markets across Africa, Europe, and South America.
The funding round was led by Right Side Capital Management, with participation from C2 Ventures, Boro Capital, EVPI Investments, and other angel investors.
The global consumer electronics market is projected to reach $1.70 trillion by 2028, data from Zion Market Research shows.
Factors driving this growth include increasing disposable incomes, the growing inclination toward digitisation, and the rising utility of personal electronic devices such as smartphones, wearables, and other gadgets.
However, the wholesale purchasing and selling processes for these devices, particularly in emerging markets, still heavily rely on manual operations. These inefficiencies result in added costs for buyers, which are often transferred to consumers, thereby creating barriers to accessing life-changing products.
Josh Nzewi, CEO and co-founder of Eze, expressed enthusiasm about the recent funding and emphasised the company’s mission to enable unfettered access to consumer electronics worldwide.
He said, “We are thrilled to have the support of our investors, and we look forward to using this funding to enhance our platform and provide even more value to our customers. Our goal remains to become the go-to destination for B2B buyers and sellers in the electronics industry, especially in emerging markets, and this investment will help us achieve that goal.”
Eze, pronounced “Easy,” is headquartered in Los Angeles and operates as a platform connecting thousands of buyers worldwide to both new and used smartphones, laptops, tablets, and other electronics. The company offers access to the largest electronics inventory repository globally, comprising over 200,000 stock-keeping units (SKUs) available at any given time. Depending on the buyer’s location, orders can be delivered as quickly as the next day.
One of Eze’s unique features is its ability to facilitate secure payments in local currencies, making it easier for buyers to procure the electronics they need. Additionally, the company conducts a thorough vetting of sellers and physically inspects each device purchased to ensure optimal functionality and adherence to quality standards.
With customers in over 50 countries, including the United States, the United Kingdom, Nigeria, Mexico, Ukraine, and the United Arab Emirates, Eze has sold more than 500,000 devices, boasting a defect rate of less than one percent.
“We believe that Eze has the potential to revolutionise the wholesale electronics marketplace,” said Chris Cunningham of C2 Ventures. “Their platform is user-friendly, with integrations that enable an excellent buying experience. We are excited to support them in their expansion journey.”