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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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