ReCellular dials up $15M for cell phone recycling
Don’t throw away that used mobile phone just yet — chances are ReCellular, a Dexter, Mich.-based phone recycling firm, can help find it a new home. One of the world’s leading cell phone recyclers, it has just raised $15 million in first round funding from Investor Growth Capital.
ReCellular plans on using the proceeds to ramp up its revenue growth, which, at an 8-year average of 25 percent, is already nothing to sneeze at, and to expand its successful operations. According to its internal estimates, the company is on track to take in over 6 million phones. It has formed strategic partnerships with some of the industry’s major players, including Verizon Wireless, Sprint and Motorola.
Customers can either purchase, sell or donate their used cell phones — everything from simple flip phones to Blackberrys and PDAs — on the site. They can also buy various accessories, including batteries, chargers and component parts. The phones on offer range in functionality and price; some are meant to be sold in bulk to wholesale suppliers while others are aimed at individual users.
Like other self-purported “Ownership 2.0″ firms, such as Gazelle, TechForward and Flipswap, which also sells re-used phones, the company’s products and services are aimed primarily at a younger, tech savvy audience that likes upgrading to the latest technology without incurring the associated environmental costs.
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About the Author, Jeremy Jacquot
Jeremy Jacquot is a doctoral student at the University of Southern California who is studying watershed management and global biogeochemical cycling. He previously studied marine biology at UCLA where he earned his B.S. in 2005; he is the Los Angeles correspondent for TreeHugger, where he focuses on science/technology and business news.