Wednesday, February 6, 2013
EcoATM Nabs $40M In Funding, Plans Major Expansion
EcoATM, the developer of those automated machines which lets you cash in your used phones, has some big plans--and some big money--as it plans to expand out its network of machines nationwide. EcoATM announced late Wednesday afternoon that it has raised $40M in a mezzanine debt funding round, from Falcon Investment Advisors. EcoATM, which is headed by Tom Tullie, said that its network now includes 300 of its machiens in 20 states, up from about 45 machines which were primarily in California in 2011. But, the firm said that there's a "large percentage" of the country without access to a convenient way to recycle their phone.
EcoATM provide any details on the terms of the debt financing, but said it plans to use the new capital to roll out its kiosks nationwide. EcoATM's equity investors include Claremont Creek Ventures and Coinstar; the firm last announced funding back in May of last year, when it pulled in $17M in an equity funding.