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Will use the funding to bolster their presence and expand into additional markets
Latin American startup, Trocafone, announced they have successfully raised an additional $15 million in funding from investors like FJ Labs, MIT Castor Venture Funds, Rocketship, Callfort, as well as others.
The funding round comes after an initial funding round of $7 million last year. While many of us Americans take it for granted, it is not always affordable to get modern electronics in emerging markets and companies like Trocafone are able to provide these electronics to consumers those areas.
So, what do you do when you can't afford brand new products? You look at used items. This also holds true for electronics, and in Latin America (the fourth largest smartphone market), startups like Trocafone are the perfect fit to get phones and tablets into the hands of consumers. You see, due to demand and high taxes, people in these countries can expect to pay over double what more established countries are paying for these devices, so a second hand marketplace gives consumers the opportunity to actually own these devices without completely breaking the bank.
Not only does Trocafone sell these used devices, but they also accept trade-ins for credits to get newer devices. This trade-ins are refurbished then resold for 50-60% less than retail.
Trocafone will be using this Series B round of funding to expand past Brazil and Argentina and is looking at places like Russia and other areas of Latin America.
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