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.

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