Onepak, a digital supply chain and reverse logistics platform that facilitates the flow of used IT hardware and e-waste for responsible repurposing, today announced it has raised $20 million from the Private Equity Impact team at Nuveen (the $1.2 trillion asset manager of TIAA). And the investment represents the first in the Nuveen Climate Inclusion Fund II and aligns with Nuveen’s goal of driving an inclusive transition to a low-carbon, circular economy.
Through the ReturnCenter platform, Onepak offers a turnkey solution for IT users and organizations of all sizes to return, recycle, resell, or relocate IT devices. The platform enables original equipment manufacturers, leasing organizations, resellers and recyclers to seamlessly manage the movement, redeployment, data destruction, disposal, and end-to-end chain of custody of used electronic devices from businesses and consumers.
Since being founded, Onepak has facilitated the return of more than 2 billion pounds of devices on behalf of more than 200,000 customers. Nuveen is a pioneer in impact investing, with a long track record of driving strong financial results and a positive influence. And Nuveen’s Private Equity Impact team seeks to drive an inclusive transition to a low carbon economy, targeting disruptive businesses that reduce waste and emissions, use resources in a circular manner, and expand access to and reduce the cost of basic products and services for underserved consumers. Nuveen also made its first impact investment in the 1980s and now manages over $1.1 billion in private equity impact capital.
KEY QUOTES:
“E-waste is one of the fastest growing waste streams, globally, with only a fraction being reused or recycled properly. By leveraging an extensive logistics partner ecosystem on our frictionless technology platform, Onepak addresses the pain points that prevent devices from being redeployed or receiving proper end-of-life treatment. We look forward to partnering with Nuveen to further develop the functionality and reach of the ReturnCenter platform to meet the enormous global market need.”
– Steve Andon, Founder and CEO of Onepak
“Onepak has developed a world-class platform and partner ecosystem to manage the complex reverse logistics needs of the electronics aftermarket. We are pleased to be working with Onepak – leveraging our experience growing circular economy and climate-mitigating businesses – to create global impact by scaling the amount of e-waste that is diverted from landfills.”
– Ted Maa, Managing Director at Nuveen
