Supply chain automation company Apkudo announced Feb. 8 that it received $14.4 million in financing to continue to develop its connected device platform.
The growth financing round was led by Closed Loop Partners’ Leadership Fund and included existing investors Harbert Growth Partners, Grotech Ventures, MissionOG and Lavrock Ventures, a press release said. Closed Loop Partners is a for-profit investment firm, funded by a number of corporations, that puts money into companies and projects that support a circular economy.
Apkudo’s Connected Device Platform helps businesses make decisions on repair, resale and recycling opportunities by creating datasets for customers to use. Those datasets can connect to a larger network of real-time market data.
Josh Matthews, co-founder and CEO of Apkudo, said the circular economy is changing how consumers and businesses manage electronic devices, and that’s where Apkudo comes in.
“The second and third life of a device is now something that every one of us needs to consider,” Matthews said in the press release. “With this investment from Closed Loop Partners and our existing investors, we have an experienced group of investors that can provide not only capital, but deep industry knowledge and global networks to help facilitate our continued growth.”
FedEx has been using the system to support “critical end-of-life decisions,” the press release said. Apkudo has tripled the number of customers on its platform over the past two years, according to the press release, and expanded last year to serve computer and laptop brands.
It previously served the wireless mobility services industry, including OEMs, managed network operators, third-party logistics companies, insurance firms, device resellers and repair companies.
Electronics recycling and reuse company ERI has worked with Apkudo, according to ERI CEO John Shegerian, who called Apkudo “a key partner” in circular economy and sustainability goals. ERI last year also received an investment from Closed Loop Partners.
“Our partnership helps us to efficiently, securely and responsibly recover and recycle customer assets after their use,” Shegerian said in the press release. “This shared vision is a critical part of our ongoing commitment to zero waste practices.”
Martin Aares, managing director at Closed Loop Partners, said in the press release that by helping customers better understand the condition and value of their devices, Apkudo drives “smart, sustainable and profitable decision making.”
“Their technology enables vastly improved reverse logistics and resale of connected electronic devices, which helps reduce e-waste,” Aares said. “Our partnership with Apkudo will further the circularity of electronics supply chains that ultimately benefit people, the planet and business.”
