Next-generation marketplace for used mobile phones launches with success, following $3.8 million in seed funding

Doji, the ‘next-generation’ marketplace that enables consumers to buy and sell used mobile phones, has executed a successful launch following an impressive $3.8 million in seed funding.

Headquartered in London with operations in Birmingham and Sao Paulo, Brazil, Doji was co-founded in January 2020 by three driven entrepreneurs, focused on solving marketplace problems through the power of stock market technology and machine learning.

Recognising that an estimated 225 million used phones were sold globally in 2019 – an annual growth of 9.2% – Doji launched with a mission to become the most convenient, purpose-led, and competitively priced marketplace for used tech products.

Fernando Montera, Co-founder and CEO of Doji, explained: “At Doji, we are building a world class team to provide a platform that will enable everyone to unlock the true value of their tech, through a simplified and convenient process. Our goal is to deliver the fairest possible deal for the buyer and the seller.”

With opportunities to expand into wider categories and new markets, as more consumers focus on reducing their carbon footprint, the Doji founders have ambitions for accelerated expansion.

As such, the initial seed investment – which was led by Brazilian venture capital firm, Canary, together with Norte Ventures, 1289 Capital and several prominent Angels – will now be utilised to strengthen its tech, product, and operations teams, while amplifying its digital presence.

Satyen Fakey, Co-founder of Doji, added: “The global market for used phones has a growth trend of 11.2% CAGR, and is forecast to reach a market size of $30bn by 2024. We plan to further accelerate the addressable market growth of used tech through a frictionless and seamless experience that will engage millions of individuals worldwide.”

Our potential for global growth is, therefore, huge and we are excited to have received early recognition from leading VCs. As a result, we are now in the process of executing our next stage of development, including a heavy focus on customer acquisition, where we forecast a vast percentage will be attributed to the escalating population of environmentally conscious consumers.”

Having finalised a successful BETA stage, Doji has already welcomed 2,000 registered users to its marketplace within 6 months. With an estimated 55 million phones valued at £16.5bn lying dormant across UK homes, the next-generation marketplace plans to accelerate growth month on month throughout 2022.

Divided across India, Brazil, and the UK, Doji currently employs a team of 25 tech specialists.