Mobile device trade-in company gets $105 million investment

Mobile device trade-in company gets $105 million investment

By Bobby Elliott, E-Scrap News

Oct. 31, 2013

Mobile device trade-in company eRecycling Group (eRC) has landed $105 million in Series C Funding from a group of investors, the company announced earlier this week.

According to a press release, technology investor Silver Lake Kraftwerk is the most recent firm to join a growing list of investors in eRC. The company also secured financing from a host of other companies in the $105 million round.

Founded in 2009 by the former CEOs of Sprint PCS and RadioShack, eRC has made a name within the increasingly competitive field of electronic trade-in companies by working directly with major mobile device carriers in the U.S. and Europe. In partnering with companies such as Sprint, Verizon and TELUS, eRC provides carriers with trade-in support and services in exchange for a share of trade-in profits. Like its competitors, including ecoATM and Gazelle, eRC repairs and resells operable mobile devices to competing markets around the globe while recycling devices that cannot be repaired.

CEO David Edmondson told E-Scrap News the company will use its newest funding to "continue to grow our business in terms of both improved productivity with existing accounts and through geographic expansion with new carrier partners." Edmondson added, "International expansion is, of course, a top priority" for the Irving, Texas-based company.

According to Edmondson, eRC services are in use in more than 16,000 retail locations in the U.S. and Europe.

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