What: Underdog refurbishes home appliances and then sells them via its platform, a solution it believes can scale. Based in Nantes and launched in 2022, the company restores dishwashers, washing machines, and dryers in its workshop. The challenges to address involve supply chains and logistics. The company sources the used appliances, diagnoses the issues, and then repairs them with its team of technicians. After they are restored, the appliances are sold for about 50% less than their new price, and come with a 2-year warranty. That purchase also includes delivery and installation. By operating the whole value chain, from sourcing the machines and parts to the repairs to the delivery, Underdog's founders believe they can turn a profit at lower prices while ensuring quality.
Why: According to Underdog, 25 million household appliances are discarded every year in France. The company believes it can scale its operations to produce enough refurbished appliances to make a meaningful dent in that number. Given that inflation and purchasing power are top of mind for many French families, Underdog thinks a lower-cost solution that is friendly to the environment will be extremely attractive.
Seed: €3.8 million
Investors: Daphni (via its Retail Dastore fund) led the round, which also included money from Sistafund, Tivoli, Leia Capital (Lorraine Strauss), Inovexus, and Founders Future. Business angels include BlaBlaCar CTO Olivier Bonnet, Masteos Managing Director Julien Proust, and Raise Sherpas Co-Head Noé Gersanois.
What's Next: Underdog will use the funding to expand its workshop and acquire a larger number of appliances.