San Diego-based ecoATM, which makes kiosks that allow users to recycle their old electronic devices, has raised $75 million to support growth.
The money came from previous investor Cowen Sustainable Advisors, which took a minority stake in ecoATM in 2020.
The funding will be used to help the company expand its tech throughout the U.S., Europe and Asia including AI and robot-powered recycling kiosks for old electronics.
“Our double-digit growth and strong financial performance are driven by consumers who are making meaningful contributions to environmental sustainability and social good,” said Dave Maquera, CEO of ecoATM.
“Our customers power the re-use economy by accessing ecoATM’s leading footprint to trade in their smartphones as well as purchase high-quality used smartphones. This is not only more sustainable, but it also helps to bridge the massive digital divide, enabling us to bring affordable smartphones and internet access to people around the world,” he said.
EcoATM’s kiosks can accept unwanted mobile electronic devices, verify the identification of sellers and then provide the seller cash on the spot. There are more than 4,500 such kiosks in the U.S., including 24 in San Diego.
The company makes money by reselling used mobile phones to wholesalers or directly to customers through its Gazelle.com website and other online marketplaces.
The company is headquartered in Sorrento Valley. It employs nearly 300 people locally and plans to add 25 to 50 more people this year.