ecoATM, a locally based company whose automated self-service kiosks allow users to get money for their used electronics, announced that the company secured $40 million in mezzanine debt financing from Falcon Investment Advisors LLC.
The company said it will use the new financing to continue expanding operations nationally. They currently have 300 kiosks in 20 states throughout the U.S., most in major malls within major cities.
“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,” Tom Tullie, chairman and CEO of ecoATM, said in a statement. “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 company, founded in 2008, said they have paid out millions of dollars to users of their ecoATMs. The company repurposes most of the electronics they buy back in an effort to stop potentially hazardous devices from piling up in landfills.
— SDBJ Staff Report