Release date: 30 May 2024
Promoter – Financial Intermediary
SWAPPIE OYLocation
Description
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.
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.
Objectives
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.
Sector(s)
- Services - Information and communication
Proposed EIB finance (Approximate amount)
EUR 17 million
Total cost (Approximate amount)
EUR 42 million
Environmental aspects
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.
Procurement
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.
Status
Signed - 27/05/2024
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).