ecoATM Grabs $40 Million In Debt Financing To Expand Nationally
EcoATM has announced that it’s secured $40 million in debt financing form Falcon Investment Advisors to help its nationwide expansions, according to TechCrunch. The San Diego-based company produces terminals that accept used mobile devices and tablets and provide consumers with cash in return.
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,” said CEO Tom Tuille. “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.”
The startup has hone from 50 kiosks to 300 across 20 states in the past year, and hopes to add another 600 or 700 kiosks in 2013.