eRecycling Group Raises $105 Million In Series C
eRecycling Group has raised $105 million in Series C funding. Based in Irving, Texas, eRecycling Group is known for recycling mobile devices before reselling them to consumers. eRecycling Group hit over 7 million trade-ins last year. Existing investor Kleiner Perkins Caufield & Byers led this round of funding. Silver Lake Kraftwerk also participated in this round.
“This commitment of additional funding from our current investors is one of the largest financial commitments in a trade-in company and a validation of our business model and strategy,” stated eRC CEO David Edmondson. “The addition of Silver Lake Kraftwerk, a global technology brand, to our investment group is a powerful endorsement and solidifies our position as the market leader in this category.”
eRecycling Group plans on using the Series C funding to provide growth capital to support potential acquisitions, expansion, and new products.
eRecycling Group operates in 9 countries and is partnered with Sprint, Verizon, and TELUS at around 16,000 retail locations.