Flip.ro, the young Romanian company that encourages circular economy by refurbishing electronic devices and reintroducing them on the market as new, announced sales of EUR 56.4 million in the fiscal year 2023. The figure is 46% higher than the EUR 38.3 million reported in the previous fiscal year.

More than 400,000 customers have bought or sold electronics on Flip since launch. In addition, over 14,000 companies have turned to the circular solutions offered by Flip Business to date.

Launched last year on the website, the new product category - tablets, has so far generated sales of over EUR 1 million. Starting in March this year, Flip customers can also sell tablets directly on the platform.

“In order to best accommodate the growth of the business, last year we expanded our headquarters in Bucharest, which now has 2,060 sqm, of which 1,360 are dedicated to internal service (in 2022, the company headquarters had 1,000 sqm). The expansion also meant the growth of the Flip team, which today has more than 240 employees, of which over 150 are only in service. In addition, we need more space and more specialists to include, in the future, new product categories,” said George Moroianu, co-founder and CEO of Flip.ro.

In 2022, the Romanian company entered the markets of Bulgaria and Hungary, and the year 2023 also meant the expansion to the Greek market. About 35% of Flip’s total sales came from the three markets over the previous year.

The extension of the service also supports customers from the three markets in the region - all orders are serviced by the headquarters in Bucharest, so all phones or tablets sold or bought in Bulgaria, Hungary, and Greece are refurbished here.

In 2024, the company is preparing to introduce two new product categories on the platform: laptops and smartwatches.

“In the case of both categories, we will sell only Apple products in the first phase and diversify the available brands from the portfolio later. We plan to launch the two new categories later this summer. We want Flip users to be able to purchase Macbooks and Apple Watches as part of the Back to School campaign in addition to the current categories - phones and tablets,” stated George Moroianu.

Local entrepreneurs Alin Luca, Alex Burghelia, and George Moroianu launched Flip.ro at the end of 2019. Since 2021, the company has been part of the eMAG group, from which it received EUR 8 million in funding.

Products purchased from Flip.ro include a guarantee of at least 12 months, 30 days right of return, and permanent customer support.

irina.marica@romania-insider.com

(Photo source: the company)