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ecoATM raises £25 million to roll out e-waste cashback machines
February 12, 2013
ecoATM raises £25 million to roll out e-waste cashback machines
A US start-up that developed a cash machine that buys back old phones and other electronics for recycling, has secured $40 million (£25 million) debt financing to expand its operations across the country. San Diego-based ecoATM announced last week that it has raised mezzanine debt financing from Falcon Investment Advisors to support its automated e-waste kiosks.
ecoATM has already installed 300 kiosks in shopping centres in larger US cities, providing consumers and businesses with a convenient means of selling their old mobile phones and MP3 players. The new finance will be used to install kiosks outside larger cities, while some of the funding has already been used to ensure the machines can accept tablet computers.
The ecoATM works by examining the users’ device and then searching for the highest price in the worldwide market. If the customer agrees to the sale, they receive cash on the spot.
Since being founded in 2008, ecoATM says that it has found a second life for 60 percent of the devices it collects and recycles the remaining 40 percent in an environmentally responsible manner.
Read more at Business Green.
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