Very proud to share that Reuse, one of our portfolio companies at Dalus, recently raised a $21M Series A led by At One Ventures, the San Francisco climate fund.

Reuse is building the infrastructure to give electronics a second life in Latin America. It operates in Chile, Mexico, and Peru, and with this round it is entering Colombia. Simply put, when a large retailer, telecom company, or brand needs to deal with devices that can’t be sold as new, Reuse takes care of it. It runs their trade-in programs (when you hand in your old phone at the store to get a discount on a new one), and it also manages their returns, open-box products, and other inventory that is hard for a large retailer to sell through its own channels and would quickly lose most of its value if not resold. Its software diagnoses each device, the team refurbishes it, and it goes back to market with a 13-month warranty at up to 30% below the price of a new one. Partners include Samsung, Falabella, Coppel, Claro, Cencosud, Ripley, and WOM.

Reuse’s numbers validate a strong business model: the company is profitable, revenue doubled to $30M in 2025, and it expects to almost double again to $55M in net revenue in 2026.

For me, Reuse is also a climate company. Most of the carbon footprint of a smartphone is generated before you turn it on, in mining, manufacturing, and shipping. So the greenest phone is the one that already exists, and every extra year a device stays in use is one less phone that needs to be produced. Reuse has refurbished more than 170,000 devices in three years, avoiding over 12 million kg of CO₂ emissions. Meanwhile, the world generated a record 62 million tonnes of e-waste in 2022, and only 22.3% was documented as properly recycled, according to the UN’s Global E-waste Monitor. In my view, the circular economy is one of the most underrated climate opportunities in Latin America, because it doesn’t ask anyone to sacrifice anything. A refurbished phone is cheaper, so the business case and the climate case point in the same direction. That is what you need to scale.

It is worth highlighting the group of new investors. At One Ventures focuses on companies with a large environmental impact. Coppel Ventures brings the perspective of one of Reuse’s key retail partners in Mexico. Endeavor Catalyst and ALIVE Ventures, a Colombian fund, will support the expansion into Colombia and Peru. They join existing investors such as Cathay and Dalus (we also participated in this round).

We at Dalus invested in Reuse’s seed round in 2024, when the team was getting ready to expand in Mexico. Two years later, Mexico represents around 60% of its revenue. Most of the credit goes to José Tomás Ulloa and Max Sateler, who founded Reuse in 2018 when they were 22 years old. They started by buying used phones from insurers in the US and reselling them, and had the clarity to evolve into a B2B platform that is much more scalable. What I admire most is how efficiently they have grown, something At One also highlighted when explaining their investment: Reuse reached profitability after raising only around $9M in equity.

I am excited to keep supporting the team as they open Colombia and keep growing across the region. If you are building in the circular economy or climate tech in Latin America, we would love to hear from you. 🌱