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    Signature(s)

    Amount
    € 17,000,000
    Countries
    Sector(s)
    Estonia : € 1,360,000
    Germany : € 1,530,000
    Finland : € 14,110,000
    Services : € 17,000,000
    Signature date(s)
    27/05/2024 : € 1,360,000
    27/05/2024 : € 1,530,000
    27/05/2024 : € 14,110,000
    Link to source
    Data sheet

    Summary sheet

    Release date
    30 May 2024
    Status
    Reference
    Signed | 27/05/2024
    20230082
    Project name
    Promoter - financial intermediary
    SWAPPIE (I EU G)
    SWAPPIE OY
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 17 million
    EUR 42 million
    Location
    Sector(s)
    Description
    Objectives

    Swappie is an online end to end platform that empowers customers to buy refurbished Iphones (''buy smart, not new''). Swappie makes refurbishment mainstream by purchasing old devices, repairing them to the highest standards and reintroducing them back to the market with a 1 year guarantee. The project consists of R&D expenses, mainly related to automation, and internal marketing costs.

    The project will support the promoter's R&D expenses in the development of its proprietary technologies, especially in the automation of refurbishment operations, and the overall growth in target EU markets through dedicated marketing resources.

    Additionality and Impact

    The project contributes to the policy objective of innovation and digitalization by supporting an innovative fast-growing enterprise in the implementation of its strategic roadmap and the creation of a leading end-to-end integrated capability for refurbished consumer electronics in Europe . This project contributes to the financing of innovative and high-growth companies, which generate significant positive externalities through the creation of innovative processes, products and services and through skills development and upgrading.


    The InvestEU quasi-equity financing addresses the market failure of availability of non-dilutive growth capital for fast growing innovative SMEs, allowing the company to continue investing in R&D, creating skilled R&D jobs in the EU and support its growth. The EIB's financing is customised to the company's needs and highly flexible in terms of drawdowns. The EIB's investment is expected to generate a crowding-in effect. The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.

    Environmental aspects
    Procurement

    The project activities do not fall under the Annexes I or II of the EU Directive 2014/52/EU amending the Environmental Impact Assessment (EIA) Directive 2011/92/EU. The project will be carried out in existing facilities, already authorised, that will not change their scope due to the project. As such, the project activities are not subject to a mandatory EIA.

    The promoter is a private company not operating in the utilities sector and not having the status of a contracting entity, thus not being subject to EU rules on public procurement. However, if at the project appraisal, the EIB were to conclude that the promoter is subject to EU public procurement legislation, then the Bank would duly inform the Commission Services and would require the promoter to apply those rules.

    Milestone
    Under appraisal
    Approved
    Signed
    19 March 2024
    27 May 2024
    Related projects
    Link to source
    Summary sheet

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

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