Search for...

еMAG Ventures invests €1.5M in, the circular economy marketplace aims to expand in CEE eMAG Ventures
Image credit: co-founders (from left to right): Alin-Sebastian Luca, Alex Burghelia, and George Moroianu
, ~, the Romanian refurbished phones online marketplace, received a €1.5M investment from eMAG Ventures, the CVC of eMAG Group, an e-commerce market leader in CEE.  

GapMinder, a venture capital fund that invests in Romanian and CEE companies at Seed or Series A stage, sold its stake in the startup to eMAG Ventures. The VC has invested €150K in in two rounds of funding, the first one through the accelerator program Techaccelerator. 

eMAG Ventures bought a 42.26% stake at’s from minority stakeholders for an undisclosed amount. This is the third investment for, which had previously raised €370K in funding. 

Fast track for was founded by George Moroianu, Alin Luca, and Alex Burghelia in 2019. It helps customers sell their old phones and aids other users acquire vetted products safely. Discover more about their circular economy solution in a previous interview with George Moroianu for The Recursive

Moroianu says in the press release that the growth of has been beyond the team’s expectation, but this encourages them to aim higher. Now the team is looking to expand to Central and Eastern Europe and to become one of the important players in the field.’s founders are targeting €14M turnover in 2021, an exponential growth from €2.5 million in 2020. They plan to double their team to 100 employees by the summer of 2022. 

“We see this development as an extraordinary achievement in the course of a Romanian early-stage start-up that, with the right team, vision and backers, in just two years and through two rounds of funding, gets to demonstrate the importance and profitability of pre-seed and seed investments”, said Cristian Dascalu, Techcelerator co-founder and GapMinder partner.

The partnership with eMAG

In addition to the €1.5M funding, can also get know-how from eMAG’s experience in accelerating technology businesses on an international scale. 

Read more:  Preventing water losses: Bulgarian SatGeo wins Innovation Starter Accelerator

Back in May, Bogdan Axinia, the managing director of eMAG Ventures, shared with The Recursive that eMAG Ventures is interested in tech B2C businesses with a circular economy model because these are their areas of expertise and they are looking for solutions that can help their core business. 

“I would like to stay beside some great entrepreneurs and projects that could bring value to the ecosystem, for the customers and the employees,” Axinia shared in the interview.

Dan Mihaescu, a founding partner of GapMinder Venture Partners, believes that through this partnership has the potential to turn into a very big company in just two or three years.

Thank you for reading The Recursive!

Over 1 million people from all over the world have learned about the tech ecosystem in Central and Eastern Europe thanks to The Recursive. In order to keep our content free for everyone, we need your help. If you believe what we do is important and have the means to do so, support us in giving a voice to Central and Eastern Europe with as little as €7. Thank you!

DONATE Keep reading this article

Help us grow the emerging innovation hubs in Central and Eastern Europe

Every single contribution of yours helps us guarantee our independence and sustainable future. With your financial support, we can keep on providing constructive reporting on the developments in the region, give even more global visibility to our ecosystem, and educate the next generation of innovation journalists and content creators.

Find out more about how your donation could help us shape the story of the CEE entrepreneurial ecosystem!

One-time donation

You can also support The Recursive’s mission with a pick-any-amount, one-time donation. 👍

Elena is an Innovation Reporter at The Recursive with 10+ years of experience as a freelance writer based in Bucharest, Romania. Her mission is to report internationally on the amazing progress of the local startup ecosystem while bringing into focus topics such as diversity in business cultures and women in tech; mental health, work-life balance, and the future. Of what? Everything! As a former solopreneur and a full-time mom, she strives to learn something new every day to share with the world. #nevernotlearning