ecoATM, the award-winning San Diego start-up known for its innovative kiosks that fully automate the buy-back of used consumer electronics, announced today that it has secured $40 million in mezzanine debt financing from Falcon Investment Advisors, LLC. To date, ecoATM has 300 kiosks nationally and plans to use this new capital to continue its goal of providing a convenient portable electronics recycling solution to everyone in America.
"In 2012, we grew from 45 ecoATMs primarily in California to a network of 300 ecoATMs in 20 states," said Tom Tullie, Chairman and CEO of ecoATM. "There's still a large percentage of the country that doesn't have access to a convenient recycling solution for their mobile phones and other personal portable electronic devices. We raised this money to help us deploy ecoATMs nationwide and help people recycle their old phones, tablets, or MP3 players, regardless of where they live."
"Falcon is a great partner for ecoATM and their experience helping high-growth companies achieve success makes them the perfect partner for our next phase of expansion," said Bob Genthert , CFO of ecoATM.
Currently, most ecoATMs are located in large shopping malls located in large cities. This financing will help ecoATM reach smaller cities and other types of high foot traffic areas. "We're excited to be a part of ecoATM's growth," said Rafael Fogel , Partner at Falcon Investment Advisors, LLC. "It is not often that an opportunity comes along that combines such a compelling investment thesis with an invitation to consumers to help heal our planet."
Previous investors include Claremont Creek Ventures and Coinstar, Inc.
The new capital has already allowed ecoATM to add to its kiosks the ability to accept tablets, in addition to cell phones and MP3 players. Since being founded in 2008, ecoATM has paid out millions of dollars to hundreds of thousands of customers and in the process saved landfills from hundreds of thousands of potentially toxic devices. ecoATM finds a second life for 60 percent of the devices it collects and responsibly recycles the rest. ecoATM is an R2 certified ewaste recycler and is ISO14001 compliant.
About ecoATM
Based in San Diego, Calif., ecoATM is the first company to create an automated self-serve kiosk system to buy back old phones, tablets or MP3 players for cash. ecoATM uses patented, advanced machine vision, electronic diagnostics, and artificial intelligence to evaluate electronics. ecoATM's eCycling stations provide a convenient trade-in solution that:
pays consumers immediately in cash connects consumers real-time to broad worldwide secondary markets ensuring best possible pricing incorporates features that validate sellers' identities and deter the sale of stolen phones and works closely with local law enforcement
