Back Market, a French startup that sells refurbished electronics online, said June 13 that it has closed a funding round totaling $48 million from a group of investors including LVMH Moët Hennessy Louis Vuitton SE Chairman and CEO Bernard Arnault's family holding company, Groupe Arnault SAS

Back Market said Groupe Arnault, Groupe Arnault's early stage investment program Aglaé Ventures, and French private equity firms Eurazeo SA and daphni SAS contributed to this round of funding. The startup said the latest funding round brings total investment in the company to $55 million. Back Market said it will use the funds to expand its global footprint and fund its North American launch.

Back Market said Groupe Arnault already made an initial investment in the company through Aglaé and has now made a second investment in this funding round. Back Market runs an online marketplace for refurbished smartphones and other electronic devices at prices running 30% to 70% lower than that of new products. It said the market for secondhand electronics is growing quickly, and it expects the market for refurbished cell phones to reach $50 billion in sales by 2022.