france’s sos accessoire raises $12m to help people repair their home appliances themselves
SOS Accessoire Secures €10M in Funding to Revolutionize Home Appliance Repair
SOS Accessoire, a French company dedicated to assisting individuals with the diagnosis and repair of household appliances, has successfully completed a funding round, raising €10 million (approximately $12 million). The investment was spearheaded by ETF Partners and Quadia.
Additional participation in this funding round came from Starquest and Seed for Good, demonstrating strong investor confidence in the company’s mission.
The Rise of the Home Repair Market
A burgeoning market for home appliance repair is currently being fueled by innovative startups. These companies empower consumers to economize, minimize waste, and contribute to environmental sustainability.
Currently, approximately 80% of broken appliances are discarded rather than repaired, resulting in a significant environmental burden. The European Union's spare parts market alone is valued at €4.1 billion, presenting a substantial opportunity.
Challenges in Appliance Repair
Despite the potential for repair, obtaining necessary spare parts can be difficult. The supply chain is fragmented, involving numerous vendors. Furthermore, repair instructions are often geared towards professional technicians, leaving amateur repairers at a disadvantage.
SOS Accessoire’s Solution
SOS Accessoire offers a comprehensive solution, providing tools for diagnosing appliance malfunctions, sourcing spare parts, and accessing instructional video tutorials to guide the repair process.
The company estimates that it facilitated the repair of 500,000 appliances in 2020. This equates to a reduction of 20,000 tonnes of CO2 emissions – comparable to the annual carbon footprint of 4,375 people in France.
Founder’s Vision
Olivier de Montlivault, founder of SOS Accessoire, stated: “A significant opportunity exists to curtail household appliance waste and challenge the prevailing notion that broken items must invariably be replaced.”
Competitive Landscape
SOS Accessoire’s primary competitors include other digitally-focused companies serving consumers, such as Spareka and Adepem. However, the company highlights its advantages in scale, spare parts availability, and the breadth of its catalog and database.
Investor Perspective
Remy de Tonnac, a partner at ETF Partners, commented: “We are witnessing a growing trend of environmentally conscious consumers who prefer to maintain their appliances rather than discard them. SOS Accessoire is uniquely positioned to fulfill this demand, possessing a knowledgeable management team and a business model capable of dominating this niche within the e-commerce landscape and ultimately disrupting the wider market.”
The company’s approach is poised to reshape consumer behavior and promote a more sustainable approach to appliance ownership.
Mike Butcher
Mike Butcher: A Profile of a Leading Tech Voice
Mike Butcher, M.B.E., is a highly respected figure in the technology landscape. Previously serving as Editor-at-large for TechCrunch, his journalistic background includes contributions to prominent UK newspapers and magazines.
Recognition and Influence
Wired UK has recognized Butcher as one of the most influential individuals shaping European technology. This acknowledgement underscores his significant impact on the sector.
Speaking Engagements and Interviews
Butcher is a sought-after speaker, having presented at prestigious events like the World Economic Forum, Web Summit, and DLD. He has conducted interviews with a diverse range of prominent figures.
Among those he has interviewed are former UK Prime Minister Tony Blair, Russia’s Dmitry Medvedev, actor Kevin Spacey, model Lily Cole, Telegram founder Pavel Durov, and Wikipedia’s Jimmy Wales, alongside numerous other technology executives and celebrities.
Broadcasting and Advisory Roles
As a frequent broadcaster, Mike Butcher regularly appears on major news networks. These include BBC News, Sky News, CNBC, Channel 4, Al Jazeera, and Bloomberg.
His expertise extends to policy advising, having consulted with UK Prime Ministers and the Mayor of London regarding technology startup initiatives. He also served as a judge on the UK edition of The Apprentice.
Awards and Founding Ventures
GQ magazine once listed him among the 100 Most Connected Men in the UK, highlighting his extensive network. Butcher is also the co-founder of several notable organizations.
- TheEuropas.com: A platform showcasing the Top 100 European startups.
- Techfugees.com: A non-profit organization.
- TechVets.co: Another non-profit initiative.
- Startup Coalition: Focused on supporting startups.
In 2016, Mike Butcher was awarded an M.B.E. in the Queen’s Birthday Honours list. This honor recognized his contributions to both the UK technology industry and the field of journalism.