‘A.T.M.’ machine for recycling used gadgets gain in Series B
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- Category: Renewables
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01 May 2012
- Published on Tuesday, 01 May 2012 18:32
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A San Diego startup that came out with an easy way for consumers to discard their old electronic gadgets closed its Series B investment round with approximately $17 million.
EcoATM is just like a regular A.T.M. machine that churns out cash - but only in exchange for old mobile phones and other electronic gadgets for recycling.
The machine is a self-serve kiosk where one can drop in her gadget. The machine will then inspect its condition and assess its dollar value, which it can either dispense to the user in cash, directly from the "A.T.M.," or make store credits with.
The collected used electronics are then resold to recycling companies.
EcoATM said it intends to use the amount raised to broaden its network of EcoATM kiosks.
"Over the past two years, EcoATM has built a network of approximately 50 kiosks in locations throughout California and beyond with tremendous consumer response," said Tom Tullie, chairman and chief executive of EcoATM.
According to Mr. Tullie, the new funding will enable mass commercialization and a national roll-out of their patented stations.
Current investors Claremont Creek Ventures, Coinstar, Inc. and TAO ventures all increased their investments in the company. New investors included PI Holdings, Moore Venture Partners, AKS Capital and Singapore billionaire Koh Boon Hwee.
EcoATM also announced that they got an additional $1 million from the National Science Foundation through a Phase II grant. The foundation previously provided a Phase 1 grant to EcoATM in February 2011 to further refine and expand the technology used in their kiosks. – EcoSeed Staff
