eRecyclingCorps has raised a $35 million round led by Kleiner Perkins (KPCB) to help the company expand its web-based platform that fosters recycling and sales of used wireless devices around the world.
Founded by former CEOs of RadioShack and Sprint PCS, the company gives customers "instant store credit" when they turn in their used mobile equipment.
Although 130 million wireless devices are retired each year in the US alone, only 10% of them are recycled.
eRecycling seeks to "transform the blight of perceived ‘device obsolescence into a sustainable, profitable model that provides economic incentives at every point of market entry.
It keeps those devices out of landfills by extending their life through its business partners, recapturing, remanufacturing and redistributing renewed technology for consumer sales around the world, particularly in developing countries.
The company maintains a strict chain of custody system throughout the recycling lifecycle.
Since inception in 2009, it’s completed 2.5 million trades a year through its proprietary web-based platform that directly integrates with the point-of-sale systems at carrier stores.
The model benefits carriers by improving customer retention and significantly reducing their downstream e-waste.
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